2025 Tax Law Changes: What Every Taxpayer Needs to Know

The One Big Beautiful Bill Act (OBBBA) of 2025 brought the most sweeping changes to U.S. tax law in years. Whether you're an individual filer, a small business owner, or a nonprofit — here's what you need to know for the 2025 tax year (filed in 2026).

Standard Deduction Increases

The standard deduction rose approximately 7.9% from 2024. For 2025: Single filers receive $15,750. Married filing jointly receives $31,500. Head of household receives $23,625. About 90% of taxpayers use the standard deduction, so this directly benefits most filers.

New Deductions: Tips, Car Loan Interest & Senior Deduction

Tips Deduction: Workers in tip-eligible occupations may deduct up to $25,000 in qualified tip income (effective 2025-2028). Car Loan Interest: Deduct up to $10,000 on a qualified personal vehicle loan. Senior Deduction: Taxpayers age 65+ may claim a new $6,000 deduction whether itemizing or taking the standard deduction.

SALT Cap Raised to $40,000

The state and local tax deduction cap jumped from $10,000 to $40,000 per year. This is a major win for homeowners and residents of higher-tax states.

Have questions about how these changes affect your return? Contact Resourceful Solutions & Associates at 478-217-1416 or visit resourcefulcorp.com.