2025 taxes

[Dnmck1]

Hello,we filed jointly: my husband is self employed and he turned 65 in May this year and still planning to continue working. What are the breaks and new changes that we can take advantage with the big beautiful bill. I work full time and report w2. We take the standard deduction and we report expenses.

Thank you!

Norma

[FranklinF]

In addition, a more accurate answer to your question can be provided by consulting a Tax Professional or Advisor who has access to all the details of your unique situation. You have been provided with a general overview to give you a better understanding of the tax changes.

[Cindy4]

You'll definitely be eligible to use the new senior deduction to reduce your taxable income if you fall under the income threshold.  You can read a good overview of everything here.

Some of these other provisions may impact you:

• State and Local tax cap raised to $40,000 if you earn up to $500,000 
• Qualified tip income deduction
• Qualified overtime pay deduction for certain workers
• Deduction for auto loan interest for certain vehicles
• 2025 will be the last year for the energy efficient credits for EVs, hybrids, charging, and energy efficient home improvements beginning in 2025
• The qualified business income of 20% is permanently extended
• If you purchased equipment for your business, the new tax law also permanently allows you to write off 100% of your expenses for purchases like business equipment placed into service after January 19, 2025.

We also have this Free Tax Reform Calculator that you can create a custom scenario in.

Hope this helps!

Cindy