01/03/2026
Social Taxes is gearing up for 2025-26 Tax Season
IRS Will Start Accepting Tax Returns the last week in January (TBA).
Use this time to start locating and gathering your documents, contacting Offset Number (800) 304-3107 to check for any possible debt owed.
ACCEPTING NEW CLIENTS & OFFERING REFERRALS GIFT CARDS!
2025-26 Updates: primarily from the
One Big Beautiful Bill Act (OBBBA) signed into law in July 2025, include permanent extensions of many 2017 tax cuts and several new, temporary deductions for individuals.
Key Individual Tax Updates for 2025
Standard Deduction: The standard deduction amounts have been made permanent and increased for inflation:
Single filers: $15,750
Married couples filing jointly: $31,500
Heads of household: $23,625
Federal Income Tax Brackets: The seven tax brackets (10%, 12%, 22%, 24%, 32%, 35%, 37%) are now permanent, with income thresholds adjusted for inflation.
Child Tax Credit: The maximum credit increased to $2,200 per qualifying child for 2025 and 2026, with up to $1,700 of that amount being refundable.
State and Local Taxes (SALT) Deduction:The cap on the SALT deduction is temporarily raised to $40,000 for married couples filing jointly (and single filers), up from $10,000. This increased cap is subject to income phaseouts.
New Temporary Deductions (2025-2028): The OBBBA introduced several new deductions for certain taxpayers, available whether you itemize or take the standard deduction:
Seniors: An additional deduction of $6,000 for individuals age 65 and older ($12,000 for qualifying married couples), subject to income limits.
Tips: A deduction of up to $25,000 for qualified tips received in certain occupations, with income phaseouts.
Overtime Pay: A deduction for the premium portion of qualified overtime pay, up to $12,500 for single filers and $25,000 for joint filers, with income phaseouts.
Car Loan Interest: A deduction of up to $10,000 in interest paid on a loan for a new, U.S.-assembled personal use vehicle purchas