Significant changes to taxes are coming in 2025 under the Trump administration’s “One Big Beautiful Bill,” according to an official document. These changes will impact what individuals pay and the refunds they receive.
Singles will see an additional $750 deduction, while married couples filing jointly will benefit from an extra $1,500 deduction.
A new personal deduction may be available for seniors born before January 2, 1961, who have a valid Social Security number.
The state and local tax deduction caps will increase from $10,000 to $40,000, providing further relief to taxpayers.
