topic 2025 taxes in Get your taxes done using TurboTax

2025 taxes

Dnmck1 — Wed, 06 Aug 2025 23:07:51 GMT

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

Re: 2025 taxes

FranklinF — Wed, 06 Aug 2025 23:42:40 GMT

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.

Re: 2025 taxes

Cindy4 — Wed, 06 Aug 2025 23:36:08 GMT

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

Re: 2025 taxes

hullian — Wed, 03 Sep 2025 14:09:18 GMT

Hi Cindy,

it looks like the tax reform custom scenario calculator is “coming soon”, according to the website. Any idea when “soon” might be? The scenarios offered in the article don’t fit me all, and I’m chomping at the bit to see where my taxes are headed. Thanks!