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Start Your Return Online! Start Now Complete this form to provide us with basic information needed to begin your tax return (1). We will follow-up to confirm that we’ve received your information. Please allow 4 to 5 business days to complete your return. If you need an appointment, please call (970)304-0476. Complete este formulario para proporcionarnos la información básica necesaria para comenzar su declaración de impuestos (1). Haremos un seguimiento para confirmar que hemos recibido su información. Por favor, espere de 4 a 5 días hábiles para completar su devolución. Si necesita una cita, llame al (970) 304-0476.

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Superior Tax Service - Honest, professional tax service at an affordable price. Honest, professional tax service at an affordable price Servicio de taxes honesto y profesional a un precio competitivo Return Online Start Your Online Intake Form Start Now Standards of Service To receive service in a timely manner: Late appointment arrivals (15 mins. after) will be asked to reschedule. Provide all needed documents and information. Be available (by phone/e-mail) if we need more information. Estimated time to complete services: Tax Return (w/Appt. ): 1-3 Days Tax Return (w/o Appt. ): 4-5 Days 1099-NECs: 2-3 Days Accounting: Varies between 1-3 wks For other services, call for more info! ABOUT US Your Trusted Tax Preparation Service Superior Tax Service has been providing clients personalized tax and accounting services throughout Northern Colorado since 2000. We have one of the most qualified tax teams in Northern Colorado that includes IRS Enrolled Agents with college degrees in business, accounting and finance. WHAT SETS US APART? Our Enrolled Agents An Enrolled Agent is a tax expert who is licensed by the Federal Government. Enrolled Agents can represent taxpayers before the IRS without limitations. To obtain this license, one must pass a series of exams on tax laws, pass a background check and take continuing education every year. Contact Us Submit Thanks for submitting!

Check your refund status. Check Your Refund Status Social Security Number (SSN) or Individual Tax Identification Number (ITIN) Filing Status Refund Amount To check your status, have the following ready: Federal Refund Status Check Now Colorado Refund Status Check Now

Providing personalized tax and accounting services throughout Northern Colorado since 2000. Services Honest, professional tax service at an affordable price. Individual and business tax preparation, payroll and audit representation. Personal & Business Tax Returns Honest & Professional As one of the most qualified tax teams in Northern Colorado, we're ready to serve any of your tax needs, including representation before the IRS (Unlike the big tax chains!) With Federally licensed agents on staff, we provide up-to-date and honest service. Payroll Services Alleviating Stress Paying your employees correctly and on time is crucial, but it can also create unnecessary stress. Our team of financial professionals are here to handle your payroll needs so that you have more time to actually run your business. Call us today! (970)304-0476 Get in Touch Back Tax Returns Financial Wellness "Should I file my taxes if they're past due?" Yes! Even if you're late or can't pay what you owe, we can help you establish an installment plan with the IRS and help you stay on a path toward financial wellness. Get in Touch

Call us at (970)304-0476 for more information. Tax Updates Child & Family Tax Benefits Employment, Self-Employment & Wages Business Tax Provisions Retirement & Investments Cryptocurrency, Car Loan Interest, & Mileage Health & Medical Expenses Education, Savings & Credits Vehicle & Energy Credits Gambling, Charitable Contributions, & Itemized Deductions International & Wealth Transfer Standard & Senior Deductions Individual Income Tax Rates & Brackets CHILD & FAMILY TAX BENEFITS Child tax credit: For 2025, the maximum child tax credit for a child under age 17 is $2,200 {25.2]. The credit begins to phase out when modified adjusted gross income exceeds $400,000 on a joint return or $200,000 for all other filers. There is an additional child tax credit that can be claimed if the child tax credit otherwise allowed is limited by tax liability; the refundable amount may not exceed $1,700 per qualifying child {25.3}. The credit for other dependents is unchanged (i.e., not refundable and limited to $500 per dependent) {25.4}. The maximum child tax credit is now indexed for inflation. Child Tax Credit (permanent update): Status: Permanent Effective Years: 2025 and beyond What Changed/Details: $2,200 per child; $1,700 refundable; phaseouts unchanged Notes: Refundable portion unchanged from 2024 Dependent care credit and exclusion: For 2025, the child and dependent care credit is nonrefundable {25.5}. Qualifying expenses taken into account in figuring the credit are $3,000 for one qualifying individual and $6,000 for two or more qualifying individuals. The credit ranges from 35% down to 20%, depending on adjusted gross income. The exclusion for dependent care under an employer's dependent care assistance plan is $5,000 ($2,500 if married filing separately). Child & Dependent Care Credit (update): Status: Permanent Effective Years: 2026 and beyond What Changed/Details: Max credit is now 50% from 35%. Notes: The higher credit will start in 2026. Dependent FSAs: Status: Permanent Effective Years: 2026 and beyond What Changed/Details: From $5,000/$2,500 to $7,500/$3,750 (Split for MFS) Notes: The higher amounts will start in 2026. Adoption expenses: For 2025, the limit on the adoption credit as well as the exclusion for employer-paid adoption assistance is $17,280 {4.6}. The benefit phaseout range is modified adjusted gross income between $259,190 to $299,190 {25.9}. Beginning in 2025 with the passage of the One Big Beautiful Bill Act, up to $5,000 of this credit may now be refundable. Adoption Credit (update): Status: Permanent Effective Years: 2025 and beyond What Changed: Up to $5,000 is now refundable. This amount will be adjusted for inflation annually going forward. Notes: Indian Tribal Governments may also determine special needs criteria. Employment, Self-Employment & Wages Self-employment tax and deduction for portion of self-employment tax; Social Security wage base: For 2025, the tax rate on the employee portion of Social Security is 6.2% on wages up to $176,100, so Social Security tax withholdings should not exceed $10,918. Medicare tax of 1.45% is withheld from all wages regardless of amount. On Schedule SE for 2025, self-employment tax applies to earnings of up to $176,100; only 92.35% of earnings are taken into account. The 15.3% rate equals 12.4% for Social Security (6.2% employee share and 6.2% employer share) plus 2.9% for Medicare. If net earnings exceed $176,100 (after the reduction), the 2.9% Medicare rate applies to the entire amount {45.3-45.4}. One-half of the self-employment tax may be claimed as an above-the-line deduction on Schedule 1 of Form 1040 or 1040-SR {45.3-45.4}. No tax on tips: Status: Temporary Effective Years: Effective 2025; window 2025-2028 per professional summaries What Changed/Details: Up to $25,000 for MFJ, $12,500 for Single, HOH, or QSS, of tip income excluded from tax Notes: Await detailed IRS instructions for reporting mechanics. See Sch 1-A. No tax on overtime pay: Status: Temporary Effective Years: Effective 2025; window 2025-2028 per professional summaries What Changed/Details: Up to $25,000 for MFJ, $12,500 for Single, HOH, or QSS, of overtime pay excluded from tax Notes: Clarify withholding and reporting with employer IRs guidance BUSINESS TAX PROVISIONS Qualified business income deduction: If you are a sole proprietor or have an interest in a partnership, limited liability company, or S corporation, you may be eligible for a deduction of up to 20% of qualified business income {40.24}. This deduction is a personal deduction, not a business deduction, and can be claimed whether you itemize or take the standard deduction. The taxable income amounts used to figure the deduction for 2025 have been increased for inflation. Qualified Business Income (Section 199A) deduction: Status: Permanent Effective Years: 2025 and beyond (phase-in ranges widen in 2026) What Changed/Details: 20% deduction made permanent; wider phase-in ranges; minimum $400 deduction when QBI ≥ $1,000 Notes: Specified Service Trade or Business (SSTB) limitations remain; wage/property limits still apply First-year expensing: For qualifying property placed in service in 2025, first-year expensing {42.3} is allowed up to a limit of $2,500,000, and the limit begins to phase out if the total cost of qualifying property exceeds $4,000,000 (42.3). Section 179 Expensing: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Limit $2.5M; phase-out $4M; indexed Notes: Qualifying property only 100% Bonus Depreciation: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Full expensing for qualified property acquired after Jan 19, 2025; phase-down repealed Notes: Elect-out option; transitional rules Immediate Expensing of Domestic R&D: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Repeals mandatory amortization for U.S. R&D; retro elections available Notes: Foreign R&D remains 15-year amortization EBITDA-Based Interest Limitation: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Restores EBITDA add-back for 163(j); increases deductible interest Notes: Prevents avoiding limits via capitalization Excess Business Loss Limitation: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Limits noncorporate losses; excess becomes NOL Notes: Thresholds indexed Paid Family & Medical Leave Credit: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Made permanent; includes insurance premiums Notes: Clarifies aggregation and state/local coordination Qualified Opportunity Zones & New Markets Tax Credit: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: QOZ made permanent with 10-year re-designation; NMTC made permanent Notes: Expanded reporting; rural O-Funds RETIREMENT & INVESTMENTS Retirement plan distributions: The SECURE Act raised the age to 72 for IRA owners who reached age 70½ after 2019, meaning those born on or after July 1, 1949. SECURE 2.0 raised the age again; anyone attaining age 72 after 2022 does not have to begin receiving RMDs until the year they reach age 73 (9.13). IRA and Roth IRA contributions: Contributions to a traditional IRA for 2025 can be made as long as you have earned income (or other eligible income). You may make contributions to a traditional IRA for 2025 of up to $7,000, or $8,000 if you are age 50 or older at the end of 2025, provided that you have at least $7,00/$8,000 of earned income (9.2). CRYPTOCURRENCY, CAR LOAN INTEREST, & MILEAGE Form 1099-DA: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: New form you may receive reporting digital asset transactions (cryptocurrency) Notes: This form may not be mailed to you; you may need to download this form from your trading platform. No tax on car loan interest: Status: New (duration TBD) Effective Years: Effective 2025 (duration not specified by IRS newsroom) What Changed/Details: Interest on car loans is not taxed / may be deductible as described by IRS newsroom Notes: Await duration and mechanics in regulations/instructions IRS mileage allowance: The IRS standard business mileage rate for 2025 is 70 cents per mile (43.1}. The rate for medical expense {15.9) and moving expense for certain military personnel {13.3} deductions remains 21 cents per mile for 2025, unchanged from 2024. For charitable volunteers {18.4}, the mileage rate is unchanged at 14 cents a mile for 2025. Schedule 1-A: Status: New (duration TBD) Effective Years: 2025 and beyond What Changed/Status: New schedule which may need to be completed and attached to your Form 1040 filing. Notes: This schedule reports new Additional Deductions. HEALTH & MEDICAL EXPENSES Health savings accounts (HSAs): The definition of a high-deductible health plan, which is a prerequisite to funding an HSA, means a policy with a minimum deductible for 2025 of $1,650 for self-only coverage and a maximum out-of-pocket cap on co-payments and other amounts of $8,300. These limits are doubled for family coverage ($3,300/$16,600) {41.10}. The contribution limit for 2025 is $4,300 for self-only coverage and $8,550 for family coverage (41.11}. Those age 55 or older and not yet on Medicare can add an additional. Deduction limits for long-term care premiums: The maximum amount of age-based long-term care premiums that can be included as deductible medical expenses for 2025 (subject to the AGI floor; see 15.1) is $480 if you are age 40 or younger at the end of 2025; $900 for those age 41 through 50; $1,800 for those age 51 through 60; $4,810 for those age 61 through 70; and $6,020 for those over age 70 {15.15}. Premium tax credit: For 2025, the premium tax credit is allowed even if household income exceeds 400% of the federal poverty line. The required contribution percentages are reduced (25.13). EDUCATION, SAVINGS & CREDITS Education-related tax breaks: Educator expenses of up to $300 are deductible for 2025. Eligibility for saver's credit: The adjusted gross income brackets for the 10%, 20%, and 50% credits are increased for 2025. No credit is allowed when AGI exceeds $39,500 for single taxpayers, $59,250 for heads of households, and $79,000 for married persons filing jointly. ABLE account contributions can qualify for the credit (25.12}. VEHICLE & ENERGY CREDITS Clean vehicle credit: Credit of up to $7,500 for eligible new clean vehicles and up to $4,000 for eligible previously owned clean vehicles. Specific criteria must be met and must purchase must have occurred by September 30, 2025 (25.16}. Vehicle depreciation limit: For a vehicle placed in service in 2025 and used over 50% for business, the first-year depreciation limit using bonus depreciation is $20,200. However, if you elect not to have bonus depreciation apply, or you are not eligible for the bonus, the first-year depreciation limit is $12,200 {43.5}. Residential energy efficient property credit: The credit for installing solar energy in your residence is 30% for 2025 (25.15}. However, note the One Big Beautiful Bill Act eliminates many residential energy efficient property credits over time between 2025 and 2026. Clean/green energy credits (individual): Status: Phasing out (varies by credit) Effective Years: Some 2026-2028 phaseouts What Changed/Details: Several individual-facing energy credits phase out sooner than prior schedules Notes: Check specific credit eligibility and sunset dates GAMBLING, CHARITABLE CONTRIBUTIONS, & ITEMIZED DEDUCTIONS Gambling: Status: Permanent Effective Years: 2026 and beyond What Changed/Details: Gambling losses for itemized deductions will be limited to 90% of gambling winnings Notes: Still must itemize to deduct gambling losses Charitable contributions: Status: Permanent change Effective Years: 2026 and beyond What Changed/Details: New 0.5% AGI floor for deductibility of charitable gifts Non-itemizers may deduct $1,000 ($2,000 if married) as a for AGI deduction. Notes: May encourage bunching or use of DAFs Miscellaneous itemized deductions (2% of AGI): Status: Permanent disallowance Effective Years: 2026 and beyond What Changed/Details: Disallowance made permanent; items like investment fees, tax prep fees remain non-deductible Notes: Had been scheduled to sunset after 2025 Pease overall itemized deduction limitation: Status: Permanent repeal; 35% rate cap applied Effective Years: 2026 and beyond What Changed/Details: Pease limitation repealed; introduces a 35% rate cap on itemized deductions Notes: Rate cap limits value of itemized deductions at top brackets Mortgage loan interest deduction: Status: Permanent Effective Years: 2026 and beyond What Changed/Details: The ability to deduct Private Mortgage Insurance (PMI) returns. Notes: Effective starting in 2026 SALT deduction cap: Status: Temporary Effective Years: 2025-2029 at $40k cap; 2030+ reverts to $10k What Changed/Details: $40,000 cap with 1% annual index (2026-2029); phased down above $500k MAGI by 30% of excess; floor $10k Notes: Cap never below $10k; MFS half amounts INTERNATIONAL & WEALTH TRANSFER Foreign earned income and housing exclusions: The maximum foreign earned income exclusion for 2025 is $130,000 {36.1}. The limit on housing expenses that may be taken into account in figuring the housing exclusion is generally $390,000, but the limit is increased by the IRS for high cost localities (36.4). Annual gift tax exclusion; gift tax and estate tax exemption: The annual gift tax exclusion is increased to $19,000 per done for 2025 gifts of cash or present interests {39.2}. The basic exemption amount for 2025 gift tax and estate tax purposes increases to $13,990,000 {39.4, 39.9}. The top tax rate remains at 40% (39.9). Estate & gift tax basic exclusion (update): Status: Permanent Effective Years: 2026 and beyond What Changed/Details: Exclusion set to $15M and indexed for inflation Notes: Plan gifting/estate strategies under higher unified credit STANDARD & SENIOR DEDUCTIONS Standard deductions: The basic standard deduction for 2025 {14.1} is $31,500 for married persons filing jointly and qualifying surviving spouse, $23,625 for heads of households, or $15,750 for single taxpayers or married persons filing separately. The additional standard deduction {14.4} for being 65 or older or blind increases to $2,000 if single or head of household ($4,000 if 65 and blind). If married filing jointly, the additional standard deduction increases to $1,600 if one spouse is 65 or older or blind, $3,200 if both spouses are at least 65 (or one is 65 and blind, or both are blind and under age 65). Standard deduction (permanent update): Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Higher amounts indexed (e.g., $31,500 MFJ for 2025) Notes: Exact amounts adjust annually for inflation Senior additional deduction: Status: New (duration TBD) Effective Years: 2025 and beyond (per IRS newsroom) What Changed/Details: New additional deduction for seniors Notes: Dollar amount and eligibility details forthcoming from IRS INDIVIDUAL INCOME TAX RATES & BRACKETS Tax rate brackets and preferential rates for capital gains/qualified dividends: The rate brackets for 2025 ordinary income remain at 10%, 12%, 22%, 24%, 32%, 35% and 37%, but the taxable income amounts in each bracket have changed. The top bracket of 37% for 2025 applies if taxable income exceeds $626,350 for single taxpayers and heads of households, $751,600 for married persons filing jointly and qualifying surviving spouse, and $375,800 for married taxpayers filing separate returns {1.2}. Qualified dividends {5.2} and long-term capital gains {6.3} may escape tax entirely under the 0% rate, or be subject to capital gain rates of 15% or 20% depending on filing status, taxable income, and how much of the taxable income consists of qualified dividends and eligible long-term gains {6.3). The 20% capital gain rate applies in 2025 when taxable income exceeds $533,400 for single taxpayers, $566,700 for heads of households, $600,050 for married persons filing jointly and qualifying surviving spouse, and $300,000 for married persons filing separately. The 0%, 15%, and 20% rates do not apply to long-term gains subject to the 28% rate (collectibles and taxed portion of small business stock) or the 25% rate for unrecaptured real estate depreciation {6.3). Individual tax rate schedules: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: TCJA brackets retained; 37% top rate made permanent Notes: Eliminates 2026 reversion to pre-2018 brackets Alternative minimum tax (AMT) exemption and tax brackets: The AMT exemptions, exemption phaseout thresholds, and the dividing line between the 26% and 28% AMT brackets are adjusted for inflation. The 2025 AMT exemptions (prior to any phaseout) are $137,000 for married couples filing jointly and qualifying surviving spouse, $88,100 for single persons and heads of households, and $68,500 for married persons filing separately. See 23.1 for exemption phaseout rules and AMT calculation details. All nonrefundable personal credits may be claimed against the AMT as well as the regular tax {23.3}.

Call us at (970)304-0476 for more information. Frequently Asked Questions Yes, for two reasons! What is the status of my refund? Because each tax return is different, the return time & amount of your refund can vary as well, if you don't owe the IRS. You can check the status of your refund here . Should I file my taxes if they're past due? If you are due a refund, you have three years to claim it. If you owe the IRS, then interest and penalties will continue to accrue until you file. What if I can't afford what I owe? You should still file to avoid the IRS from garnishing your wages or bank accounts. If you can't pay what you owe, you can ask the IRS for an installment plan, which we can help you set up! What is the deadline to file my taxes? -April 15th for individuals -March 15th for business returns

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Call us at (970)304-0476 for more information. Noticias de Impuestos BENEFICIOS FISCALES PARA NIÑOS Y FAMILIAS Crédito fiscal por hijo: Para 2025, el crédito fiscal máximo por hijo menor de 17 años es de $2,200. El crédito comienza a reducirse cuando el ingreso bruto ajustado modificado excede $400,000 en una declaración conjunta o $200,000 para todos los demás contribuyentes. Existe un crédito fiscal adicional por hijo que se puede reclamar si el crédito fiscal por hijo de lo contrario permitido está limitado por la obligación tributaria; la cantidad reembolsable no puede exceder $1,700 por hijo calificado. El crédito por otros dependientes permanece sin cambios (es decir, no reembolsable y limitado a $500 por dependiente). El crédito fiscal máximo por hijo ahora se ajusta por inflación. Crédito Fiscal por Hijo (actualización permanente): Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: $2,200 por hijo; $1,700 reembolsable; reducciones sin cambios Notas: Porción reembolsable sin cambios de 2024 Crédito y exclusión por cuidado de dependientes: Para 2025, el crédito por niño y cuidado de dependientes no es reembolsable. Los gastos calificados considerados para calcular el crédito son $3,000 para un individuo calificado y $6,000 para dos o más individuos calificados. El crédito varía del 35% al 20%, dependiendo del ingreso bruto ajustado. La exclusión por cuidado de dependientes bajo un plan de asistencia de cuidado de dependientes del empleador es de $5,000 ($2,500 si casado declarando por separado). Crédito por Niño y Cuidado de Dependientes (actualización): Estatus: Permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: Crédito máximo ahora es 50% en lugar de 35%. Notas: El crédito más alto comenzará en 2026. FSAs de dependientes: Estatus: Permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: De $5,000/$2,500 a $7,500/$3,750 (dividido para MFS) Notas: Las cantidades más altas comenzarán en 2026. Gastos de adopción: Para 2025, el límite del crédito por adopción así como la exclusión por asistencia de adopción pagada por el empleador es de $17,280. El rango de reducción del beneficio es ingreso bruto ajustado modificado entre $259,190 y $299,190. A partir de 2025 con la aprobación de la Ley One Big Beautiful Bill Act, hasta $5,000 de este crédito ahora puede ser reembolsable. Crédito por Adopción (actualización): Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió: Hasta $5,000 ahora es reembolsable. Esta cantidad se ajustará por inflación anualmente de aquí en adelante. Notas: Gobiernos Tribales Indios también pueden determinar criterios de necesidades especiales. EMPLEO, TRABAJO AUTÓNOMO Y SALARIOS Impuesto sobre el trabajo autónomo y deducción por porción del impuesto sobre el trabajo autónomo; base salarial de Seguridad Social: Para 2025, la tasa impositiva sobre la porción del empleado de Seguridad Social es 6.2% sobre salarios hasta $176,100, por lo que las retenciones de impuesto de Seguridad Social no deben exceder $10,918. El impuesto de Medicare del 1.45% se retiene de todos los salarios sin importar la cantidad. En el Anexo SE para 2025, el impuesto sobre el trabajo autónomo aplica a ganancias hasta $176,100; solo el 92.35% de las ganancias se toma en cuenta. La tasa del 15.3% equivale a 12.4% para Seguridad Social (6.2% parte del empleado y 6.2% parte del empleador) más 2.9% para Medicare. Si las ganancias netas exceden $176,100 (después de la reducción), la tasa de Medicare del 2.9% aplica a la cantidad total. La mitad del impuesto sobre el trabajo autónomo puede reclamarse como deducción sobre la línea en el Anexo 1 del Formulario 1040 o 1040-SR. Sin impuesto sobre propinas: Estatus: Temporal Años efectivos: Efectivo 2025; ventana 2025-2028 según resúmenes profesionales Qué cambió/detalles: Hasta $25,000 para MFJ, $12,500 para Soltero, JdF o QSS, de ingresos por propinas excluidos del impuesto Notas: Espere instrucciones detalladas del IRS para mecánicas de reporte. Ver Anexo 1-A. Sin impuesto sobre pago por horas extras: Estatus: Temporal Años efectivos: Efectivo 2025; ventana 2025-2028 según resúmenes profesionales Qué cambió/detalles: Hasta $25,000 para MFJ, $12,500 para Soltero, JdF o QSS, de pago por horas extras excluido del impuesto Notas: Aclare retenciones y reporte con guía del IRS del empleador DISPOSICIONES FISCALES PARA NEGOCIOS Deducción de ingreso de negocio calificado: Si es propietario único o tiene interés en una sociedad, sociedad de responsabilidad limitada o S corporation, puede ser elegible para una deducción de hasta el 20% del ingreso de negocio calificado {40.24}. Esta deducción es una deducción personal, no una deducción de negocio, y puede reclamarse ya sea que detalle o tome la deducción estándar. Las cantidades de ingreso imponible usadas para calcular la deducción para 2025 se han aumentado por inflación. Deducción de Ingreso de Negocio Calificado (Sección 199A): Estatus: Permanente Años efectivos: 2025 y posteriores (rangos de fase-in se amplían en 2026) Qué cambió/detalles: Deducción del 20% hecha permanente; rangos de fase-in más amplios; deducción mínima de $400 cuando QBI ≥ $1,000 Notas: Limitaciones para Negocios Comerciales de Servicios Especificados (SSTB) permanecen; límites de salarios/propiedad aún aplican Gastos del primer año: Para propiedad calificada puesta en servicio en 2025, el gasto del primer año {42.3} está permitido hasta un límite de $2,500,000, y el límite comienza a reducirse si el costo total de propiedad calificada excede $4,000,000. Sección 179 Expensing: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Límite $2.5M; fase-out $4M; indexado Notas: Solo propiedad calificada Depreciación Bonus 100%: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Gasto total para propiedad calificada adquirida después del 19 de enero de 2025; fase-down repealada Notas: Opción de optar por no aplicar; reglas transicionales Gasto inmediato de I+D doméstica: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Deroga amortización obligatoria para I+D de EE.UU.; elecciones retroactivas disponibles Notas: I+D extranjera permanece con amortización de 15 años Limitación de intereses basada en EBITDA: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Restaura add-back de EBITDA para 163(j); aumenta intereses deducibles Notas: Previene evitar límites vía capitalización Limitación de pérdidas excesivas de negocio: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Limita pérdidas no corporativas; exceso se convierte en NOL Notas: Umbrales indexados Crédito por licencia pagada familiar y médica: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Hecho permanente; incluye primas de seguro Notas: Aclara agregación y coordinación estatal/local Zonas de Oportunidad Calificadas y Crédito Fiscal de Nuevos Mercados: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: QOZ hecho permanente con redesignación de 10 años; NMTC hecho permanente Notas: Reporte expandido; fondos O rurales JUBILACIÓN E INVERSIONES Distribuciones de planes de jubilación: La Ley SECURE elevó la edad a 72 para dueños de IRA que alcanzaron 70½ después de 2019, es decir, nacidos el 1 de julio de 1949 o después. SECURE 2.0 elevó la edad nuevamente; cualquiera que alcance 72 después de 2022 no tiene que comenzar a recibir RMDs hasta el año en que alcance 73. Contribuciones a IRA y Roth IRA: Las contribuciones a una IRA tradicional para 2025 pueden hacerse siempre que tenga ingresos ganados (u otros ingresos elegibles). Puede hacer contribuciones a una IRA tradicional para 2025 de hasta $7,000, o $8,000 si tiene 50 años o más al final de 2025, siempre que tenga al menos $7,000/$8,000 de ingresos ganados. CRIPTOMONEDA, INTERÉS DE PRÉSTAMOS DE AUTO Y MILLAJE Formulario 1099-DA: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Nuevo formulario que puede recibir reportando transacciones de activos digitales (criptomoneda) Notas: Este formulario puede no enviarse por correo; puede necesitar descargarlo de su plataforma de trading. Sin impuesto sobre interés de préstamos de auto: Estatus: Nuevo (duración por determinar) Años efectivos: Efectivo 2025 (duración no especificada por sala de noticias del IRS) Qué cambió/detalles: Interés en préstamos de auto no se grava / puede ser deducible como describe la sala de noticias del IRS Notas: Espere duración y mecánicas en regulaciones/instrucciones Tarifa de millaje del IRS: La tarifa estándar de millaje de negocio del IRS para 2025 es 70 centavos por milla. La tarifa para gastos médicos y de mudanza para cierto personal militar permanece en 21 centavos por milla para 2025, sin cambios de 2024. Para voluntarios benéficos, la tarifa de millaje permanece sin cambios en 14 centavos por milla para 2025. Anexo 1-A: Estatus: Nuevo (duración por determinar) Años efectivos: 2025 y posteriores Qué cambió/estatus: Nuevo anexo que puede necesitar completarse y adjuntarse a su Formulario 1040. Notas: Este anexo reporta nuevas Deducciones Adicionales. GASTOS DE SALUD Y MÉDICOS Cuentas de ahorro para salud (HSAs): La definición de un plan de salud con deducible alto, prerrequisito para financiar una HSA, significa una póliza con deducible mínimo para 2025 de $1,650 para cobertura individual y límite máximo fuera de bolsillo para copagos y otras cantidades de $8,300. Estos límites se duplican para cobertura familiar ($3,300/$16,600). El límite de contribución para 2025 es $4,300 para cobertura individual y $8,550 para familiar. Aquellos de 55 años o más y no aún en Medicare pueden agregar un adicional. Límites de deducción para primas de cuidado a largo plazo: La cantidad máxima de primas de cuidado a largo plazo basadas en edad que pueden incluirse como gastos médicos deducibles para 2025 (sujeto al piso de AGI) es $480 si tiene 40 años o menos al final de 2025; $900 para 41 a 50 años; $1,800 para 51 a 60 años; $4,810 para 61 a 70 años; y $6,020 para mayores de 70 años. Crédito fiscal por primas: Para 2025, el crédito fiscal por primas se permite incluso si el ingreso del hogar excede 400% de la línea de pobreza federal. Los porcentajes de contribución requeridos se reducen. EDUCACIÓN, AHORROS Y CRÉDITOS Exenciones fiscales relacionadas con educación: Gastos de educadores de hasta $300 son deducibles para 2025. Elegibilidad para crédito del ahorrador: Los tramos de ingreso bruto ajustado para los créditos del 10%, 20% y 50% se aumentan para 2025. No se permite crédito cuando AGI excede $39,500 para contribuyentes solteros, $59,250 para jefes de hogar y $79,000 para casados declarando conjuntamente. Contribuciones a cuentas ABLE pueden calificar para el crédito. CRÉDITOS PARA VEHÍCULOS Y ENERGÍA Crédito por vehículo limpio: Crédito de hasta $7,500 para vehículos limpios nuevos elegibles y hasta $4,000 para vehículos limpios usados elegibles. Deben cumplirse criterios específicos y la compra debe haber ocurrido antes del 30 de septiembre de 2025. Límite de depreciación de vehículos: Para un vehículo puesto en servicio en 2025 y usado más del 50% para negocio, el límite de depreciación del primer año usando depreciación bonus es $20,200. Sin embargo, si opta por no aplicar depreciación bonus o no es elegible, el límite de depreciación del primer año es $12,200. Crédito por propiedad residencial eficiente en energía: El crédito por instalar energía solar en su residencia es 30% para 2025. Sin embargo, note que la Ley One Big Beautiful Bill Act elimina muchos créditos por propiedad residencial eficiente en energía con el tiempo entre 2025 y 2026. Créditos de energía limpia/verde (individual): Estatus: En fase out (varía por crédito) Años efectivos: Algunos phaseouts 2026-2028 Qué cambió/detalles: Varios créditos de energía para individuos phase out antes que horarios previos Notas: Verifique elegibilidad específica de crédito y fechas de caducidad JUEGOS DE AZAR, CONTRIBUCIONES BENÉFICAS Y DEDUCCIONES DETALLADAS Juegos de azar: Estatus: Permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: Pérdidas de juegos de azar para deducciones detalladas se limitarán al 90% de ganancias de juegos de azar Notas: Aún debe detallar para deducir pérdidas de juegos de azar Contribuciones benéficas: Estatus: Cambio permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: Nuevo piso de 0.5% AGI para deductibilidad de donativos benéficos. No detalladores pueden deducir $1,000 ($2,000 si casado) como deducción for AGI. Notas: Puede alentar bunching o uso de DAFs Deducciones detalladas misceláneas (2% de AGI): Estatus: Desaprobación permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: Desaprobación hecha permanente; items como fees de inversión, fees de preparación de impuestos permanecen no deducibles Notas: Estaba programado para caducar después de 2025 Limitación general Pease de deducción detallada: Estatus: Derogación permanente; límite de tasa 35% aplicado Años efectivos: 2026 y posteriores Qué cambió/detalles: Limitación Pease derogada; introduce límite de tasa 35% en deducciones detalladas Notas: Límite de tasa limita valor de deducciones detalladas en tramos altos Deducción de interés de préstamo hipotecario: Estatus: Permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: La capacidad de deducir Seguro de Hipoteca Privado (PMI) regresa. Notas: Efectivo empezando en 2026 Límite de deducción SALT: Estatus: Temporal Años efectivos: 2025-2029 con límite $40k; 2030+ revierte a $10k Qué cambió/detalles: Límite $40,000 con índice anual 1% (2026-2029); fase down arriba de $500k MAGI por 30% del exceso; piso $10k Notas: Límite nunca por debajo de $10k; MFS mitad de cantidades INTERNACIONAL Y TRANSFERENCIA DE RIQUEZA Exclusiones de ingreso ganado extranjero y vivienda: La exclusión máxima de ingreso ganado extranjero para 2025 es $130,000. El límite en gastos de vivienda que pueden tomarse en cuenta para calcular la exclusión de vivienda es generalmente $390,000, pero el límite es aumentado por el IRS para localidades de alto costo. Exclusión anual de impuesto sobre donativos; exención de impuesto sobre donativos y sucesiones: La exclusión anual de impuesto sobre donativos se aumenta a $19,000 por donatario para donativos de 2025 en efectivo o intereses presentes. La cantidad básica de exención para propósitos de impuesto sobre donativos y sucesiones de 2025 se aumenta a $13,990,000. La tasa máxima de impuesto permanece en 40%. Exclusión básica de impuesto sobre sucesiones y donativos (actualización): Estatus: Permanente Años efectivos: 2026 y posteriores Qué cambió/detalles: Exclusión fijada en $15M e indexada por inflación Notas: Planee estrategias de donativos/sucesiones bajo crédito unificado más alto DEDUCCIONES ESTÁNDAR Y PARA SENIORS Deducciones estándar: La deducción estándar básica para 2025 es $31,500 para casados declarando conjuntamente y cónyuge sobreviviente calificado, $23,625 para jefes de hogar, o $15,750 para contribuyentes solteros o casados declarando por separado. La deducción estándar adicional por ser 65 o más o ciego se aumenta a $2,000 si soltero o jefe de hogar ($4,000 si 65 y ciego). Si casado declarando conjuntamente, la deducción estándar adicional se aumenta a $1,600 si un cónyuge es 65 o más o ciego, $3,200 si ambos cónyuges son al menos 65 (o uno es 65 y ciego, o ambos son ciegos y menores de 65). Deducción estándar (actualización permanente): Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Cantidades más altas indexadas (ej. $31,500 MFJ para 2025) Notas: Cantidades exactas se ajustan anualmente por inflación Deducción adicional para seniors: Estatus: Nueva (duración por determinar) Años efectivos: 2025 y posteriores (según sala de noticias del IRS) Qué cambió/detalles: Nueva deducción adicional para seniors Notas: Cantidad en dólares y detalles de elegibilidad próximos del IRS TASAS Y TRAMOS DE IMPUESTO SOBRE LA RENTA INDIVIDUAL Tramos de tasas impositivas y tasas preferenciales para ganancias de capital/dividendos calificados: Los tramos de tasas para ingreso ordinario de 2025 permanecen en 10%, 12%, 22%, 24%, 32%, 35% y 37%, pero las cantidades de ingreso imponible en cada tramo han cambiado. El tramo superior del 37% para 2025 aplica si el ingreso imponible excede $626,350 para contribuyentes solteros y jefes de hogar, $751,600 para casados declarando conjuntamente y cónyuge sobreviviente calificado, y $375,800 para casados declarando por separado. Dividendos calificados y ganancias de capital a largo plazo pueden escapar del impuesto totalmente bajo la tasa del 0%, o estar sujetos a tasas de ganancias de capital del 15% o 20% dependiendo del estatus de declaración, ingreso imponible y cuánto del ingreso imponible consiste en dividendos calificados y ganancias a largo plazo elegibles. La tasa de ganancias de capital del 20% aplica en 2025 cuando el ingreso imponible excede $533,400 para contribuyentes solteros, $566,700 para jefes de hogar, $600,050 para casados declarando conjuntamente y cónyuge sobreviviente calificado, y $300,000 para casados declarando por separado. Las tasas del 0%, 15% y 20% no aplican a ganancias a largo plazo sujetas a la tasa del 28% (coleccionables y porción gravada de acciones de pequeño negocio) o la tasa del 25% para depreciación inmobiliaria no recuperada. Horarios de tasas impositivas individuales: Estatus: Permanente Años efectivos: 2025 y posteriores Qué cambió/detalles: Tramos TCJA retenidos; tasa superior 37% hecha permanente Notas: Elimina reversión 2026 a tramos pre-2018 Exención de impuesto mínimo alternativo (AMT) y tramos impositivos: Las exenciones AMT, umbrales de fase-out de exención y línea divisoria entre tramos AMT del 26% y 28% se ajustan por inflación. Las exenciones AMT para 2025 (previo a cualquier fase-out) son $137,000 para parejas casadas declarando conjuntamente y cónyuge sobreviviente calificado, $88,100 para personas solteras y jefes de hogar, y $68,500 para casados declarando por separado. Ver 23.1 para reglas de fase-out de exención y detalles de cálculo AMT. Todos los créditos personales no reembolsables pueden reclamarse contra el AMT así como el impuesto regular.

Call us at (970)304-0476 for more information. Tax Updates CHILD & FAMILY TAX BENEFITS Child tax credit: For 2025, the maximum child tax credit for a child under age 17 is $2,200 {25.2]. The credit begins to phase out when modified adjusted gross income exceeds $400,000 on a joint return or $200,000 for all other filers. There is an additional child tax credit that can be claimed if the child tax credit otherwise allowed is limited by tax liability; the refundable amount may not exceed $1,700 per qualifying child {25.3}. The credit for other dependents is unchanged (i.e., not refundable and limited to $500 per dependent) {25.4}. The maximum child tax credit is now indexed for inflation. Child Tax Credit (permanent update): Status: Permanent Effective Years: 2025 and beyond What Changed/Details: $2,200 per child; $1,700 refundable; phaseouts unchanged Notes: Refundable portion unchanged from 2024 Dependent care credit and exclusion: For 2025, the child and dependent care credit is nonrefundable {25.5}. Qualifying expenses taken into account in figuring the credit are $3,000 for one qualifying individual and $6,000 for two or more qualifying individuals. The credit ranges from 35% down to 20%, depending on adjusted gross income. The exclusion for dependent care under an employer's dependent care assistance plan is $5,000 ($2,500 if married filing separately). Child & Dependent Care Credit (update): Status: Permanent Effective Years: 2026 and beyond What Changed/Details: Max credit is now 50% from 35%. Notes: The higher credit will start in 2026. Dependent FSAs: Status: Permanent Effective Years: 2026 and beyond What Changed/Details: From $5,000/$2,500 to $7,500/$3,750 (Split for MFS) Notes: The higher amounts will start in 2026. Adoption expenses: For 2025, the limit on the adoption credit as well as the exclusion for employer-paid adoption assistance is $17,280 {4.6}. The benefit phaseout range is modified adjusted gross income between $259,190 to $299,190 {25.9}. Beginning in 2025 with the passage of the One Big Beautiful Bill Act, up to $5,000 of this credit may now be refundable. Adoption Credit (update): Status: Permanent Effective Years: 2025 and beyond What Changed: Up to $5,000 is now refundable. This amount will be adjusted for inflation annually going forward. Notes: Indian Tribal Governments may also determine special needs criteria. Employment, Self-Employment & Wages Self-employment tax and deduction for portion of self-employment tax; Social Security wage base: For 2025, the tax rate on the employee portion of Social Security is 6.2% on wages up to $176,100, so Social Security tax withholdings should not exceed $10,918. Medicare tax of 1.45% is withheld from all wages regardless of amount. On Schedule SE for 2025, self-employment tax applies to earnings of up to $176,100; only 92.35% of earnings are taken into account. The 15.3% rate equals 12.4% for Social Security (6.2% employee share and 6.2% employer share) plus 2.9% for Medicare. If net earnings exceed $176,100 (after the reduction), the 2.9% Medicare rate applies to the entire amount {45.3-45.4}. One-half of the self-employment tax may be claimed as an above-the-line deduction on Schedule 1 of Form 1040 or 1040-SR {45.3-45.4}. No tax on tips: Status: Temporary Effective Years: Effective 2025; window 2025-2028 per professional summaries What Changed/Details: Up to $25,000 for MFJ, $12,500 for Single, HOH, or QSS, of tip income excluded from tax Notes: Await detailed IRS instructions for reporting mechanics. See Sch 1-A. No tax on overtime pay: Status: Temporary Effective Years: Effective 2025; window 2025-2028 per professional summaries What Changed/Details: Up to $25,000 for MFJ, $12,500 for Single, HOH, or QSS, of overtime pay excluded from tax Notes: Clarify withholding and reporting with employer IRs guidance BUSINESS TAX PROVISIONS Qualified business income deduction: If you are a sole proprietor or have an interest in a partnership, limited liability company, or S corporation, you may be eligible for a deduction of up to 20% of qualified business income {40.24}. This deduction is a personal deduction, not a business deduction, and can be claimed whether you itemize or take the standard deduction. The taxable income amounts used to figure the deduction for 2025 have been increased for inflation. Qualified Business Income (Section 199A) deduction: Status: Permanent Effective Years: 2025 and beyond (phase-in ranges widen in 2026) What Changed/Details: 20% deduction made permanent; wider phase-in ranges; minimum $400 deduction when QBI ≥ $1,000 Notes: Specified Service Trade or Business (SSTB) limitations remain; wage/property limits still apply First-year expensing: For qualifying property placed in service in 2025, first-year expensing {42.3} is allowed up to a limit of $2,500,000, and the limit begins to phase out if the total cost of qualifying property exceeds $4,000,000 (42.3). Section 179 Expensing: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Limit $2.5M; phase-out $4M; indexed Notes: Qualifying property only 100% Bonus Depreciation: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Full expensing for qualified property acquired after Jan 19, 2025; phase-down repealed Notes: Elect-out option; transitional rules Immediate Expensing of Domestic R&D: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Repeals mandatory amortization for U.S. R&D; retro elections available Notes: Foreign R&D remains 15-year amortization EBITDA-Based Interest Limitation: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Restores EBITDA add-back for 163(j); increases deductible interest Notes: Prevents avoiding limits via capitalization Excess Business Loss Limitation: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Limits noncorporate losses; excess becomes NOL Notes: Thresholds indexed Paid Family & Medical Leave Credit: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Made permanent; includes insurance premiums Notes: Clarifies aggregation and state/local coordination Qualified Opportunity Zones & New Markets Tax Credit: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: QOZ made permanent with 10-year re-designation; NMTC made permanent Notes: Expanded reporting; rural O-Funds RETIREMENT & INVESTMENTS Retirement plan distributions: The SECURE Act raised the age to 72 for IRA owners who reached age 70½ after 2019, meaning those born on or after July 1, 1949. SECURE 2.0 raised the age again; anyone attaining age 72 after 2022 does not have to begin receiving RMDs until the year they reach age 73 (9.13). IRA and Roth IRA contributions: Contributions to a traditional IRA for 2025 can be made as long as you have earned income (or other eligible income). You may make contributions to a traditional IRA for 2025 of up to $7,000, or $8,000 if you are age 50 or older at the end of 2025, provided that you have at least $7,00/$8,000 of earned income (9.2). CRYPTOCURRENCY, CAR LOAN INTEREST, & MILEAGE Form 1099-DA: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: New form you may receive reporting digital asset transactions (cryptocurrency) Notes: This form may not be mailed to you; you may need to download this form from your trading platform. No tax on car loan interest: Status: New (duration TBD) Effective Years: Effective 2025 (duration not specified by IRS newsroom) What Changed/Details: Interest on car loans is not taxed / may be deductible as described by IRS newsroom Notes: Await duration and mechanics in regulations/instructions IRS mileage allowance: The IRS standard business mileage rate for 2025 is 70 cents per mile (43.1}. The rate for medical expense {15.9) and moving expense for certain military personnel {13.3} deductions remains 21 cents per mile for 2025, unchanged from 2024. For charitable volunteers {18.4}, the mileage rate is unchanged at 14 cents a mile for 2025. Schedule 1-A: Status: New (duration TBD) Effective Years: 2025 and beyond What Changed/Status: New schedule which may need to be completed and attached to your Form 1040 filing. Notes: This schedule reports new Additional Deductions. HEALTH & MEDICAL EXPENSES Health savings accounts (HSAs): The definition of a high-deductible health plan, which is a prerequisite to funding an HSA, means a policy with a minimum deductible for 2025 of $1,650 for self-only coverage and a maximum out-of-pocket cap on co-payments and other amounts of $8,300. These limits are doubled for family coverage ($3,300/$16,600) {41.10}. The contribution limit for 2025 is $4,300 for self-only coverage and $8,550 for family coverage (41.11}. Those age 55 or older and not yet on Medicare can add an additional. Deduction limits for long-term care premiums: The maximum amount of age-based long-term care premiums that can be included as deductible medical expenses for 2025 (subject to the AGI floor; see 15.1) is $480 if you are age 40 or younger at the end of 2025; $900 for those age 41 through 50; $1,800 for those age 51 through 60; $4,810 for those age 61 through 70; and $6,020 for those over age 70 {15.15}. Premium tax credit: For 2025, the premium tax credit is allowed even if household income exceeds 400% of the federal poverty line. The required contribution percentages are reduced (25.13). EDUCATION, SAVINGS & CREDITS Education-related tax breaks: Educator expenses of up to $300 are deductible for 2025. Eligibility for saver's credit: The adjusted gross income brackets for the 10%, 20%, and 50% credits are increased for 2025. No credit is allowed when AGI exceeds $39,500 for single taxpayers, $59,250 for heads of households, and $79,000 for married persons filing jointly. ABLE account contributions can qualify for the credit (25.12}. VEHICLE & ENERGY CREDITS Clean vehicle credit: Credit of up to $7,500 for eligible new clean vehicles and up to $4,000 for eligible previously owned clean vehicles. Specific criteria must be met and must purchase must have occurred by September 30, 2025 (25.16}. Vehicle depreciation limit: For a vehicle placed in service in 2025 and used over 50% for business, the first-year depreciation limit using bonus depreciation is $20,200. However, if you elect not to have bonus depreciation apply, or you are not eligible for the bonus, the first-year depreciation limit is $12,200 {43.5}. Residential energy efficient property credit: The credit for installing solar energy in your residence is 30% for 2025 (25.15}. However, note the One Big Beautiful Bill Act eliminates many residential energy efficient property credits over time between 2025 and 2026. Clean/green energy credits (individual): Status: Phasing out (varies by credit) Effective Years: Some 2026-2028 phaseouts What Changed/Details: Several individual-facing energy credits phase out sooner than prior schedules Notes: Check specific credit eligibility and sunset dates VEHICLE & ENERGY CREDITS Clean vehicle credit: Credit of up to $7,500 for eligible new clean vehicles and up to $4,000 for eligible previously owned clean vehicles. Specific criteria must be met and must purchase must have occurred by September 30, 2025 (25.16}. Vehicle depreciation limit: For a vehicle placed in service in 2025 and used over 50% for business, the first-year depreciation limit using bonus depreciation is $20,200. However, if you elect not to have bonus depreciation apply, or you are not eligible for the bonus, the first-year depreciation limit is $12,200 {43.5}. Residential energy efficient property credit: The credit for installing solar energy in your residence is 30% for 2025 (25.15}. However, note the One Big Beautiful Bill Act eliminates many residential energy efficient property credits over time between 2025 and 2026. Clean/green energy credits (individual): Status: Phasing out (varies by credit) Effective Years: Some 2026-2028 phaseouts What Changed/Details: Several individual-facing energy credits phase out sooner than prior schedules Notes: Check specific credit eligibility and sunset dates INTERNATIONAL & WEALTH TRANSFER Foreign earned income and housing exclusions: The maximum foreign earned income exclusion for 2025 is $130,000 {36.1}. The limit on housing expenses that may be taken into account in figuring the housing exclusion is generally $390,000, but the limit is increased by the IRS for high cost localities (36.4). Annual gift tax exclusion; gift tax and estate tax exemption: The annual gift tax exclusion is increased to $19,000 per done for 2025 gifts of cash or present interests {39.2}. The basic exemption amount for 2025 gift tax and estate tax purposes increases to $13,990,000 {39.4, 39.9}. The top tax rate remains at 40% (39.9). Estate & gift tax basic exclusion (update): Status: Permanent Effective Years: 2026 and beyond What Changed/Details: Exclusion set to $15M and indexed for inflation Notes: Plan gifting/estate strategies under higher unified credit STANDARD & SENIOR DEDUCTIONS Standard deductions: The basic standard deduction for 2025 {14.1} is $31,500 for married persons filing jointly and qualifying surviving spouse, $23,625 for heads of households, or $15,750 for single taxpayers or married persons filing separately. The additional standard deduction {14.4} for being 65 or older or blind increases to $2,000 if single or head of household ($4,000 if 65 and blind). If married filing jointly, the additional standard deduction increases to $1,600 if one spouse is 65 or older or blind, $3,200 if both spouses are at least 65 (or one is 65 and blind, or both are blind and under age 65). Standard deduction (permanent update): Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Higher amounts indexed (e.g., $31,500 MFJ for 2025) Notes: Exact amounts adjust annually for inflation Senior additional deduction: Status: New (duration TBD) Effective Years: 2025 and beyond (per IRS newsroom) What Changed/Details: New additional deduction for seniors Notes: Dollar amount and eligibility details forthcoming from IRS STANDARD & SENIOR DEDUCTIONS Standard deductions: The basic standard deduction for 2025 {14.1} is $31,500 for married persons filing jointly and qualifying surviving spouse, $23,625 for heads of households, or $15,750 for single taxpayers or married persons filing separately. The additional standard deduction {14.4} for being 65 or older or blind increases to $2,000 if single or head of household ($4,000 if 65 and blind). If married filing jointly, the additional standard deduction increases to $1,600 if one spouse is 65 or older or blind, $3,200 if both spouses are at least 65 (or one is 65 and blind, or both are blind and under age 65). Standard deduction (permanent update): Status: Permanent Effective Years: 2025 and beyond What Changed/Details: Higher amounts indexed (e.g., $31,500 MFJ for 2025) Notes: Exact amounts adjust annually for inflation Senior additional deduction: Status: New (duration TBD) Effective Years: 2025 and beyond (per IRS newsroom) What Changed/Details: New additional deduction for seniors Notes: Dollar amount and eligibility details forthcoming from IRS INDIVIDUAL INCOME TAX RATES & BRACKETS Tax rate brackets and preferential rates for capital gains/qualified dividends: The rate brackets for 2025 ordinary income remain at 10%, 12%, 22%, 24%, 32%, 35% and 37%, but the taxable income amounts in each bracket have changed. The top bracket of 37% for 2025 applies if taxable income exceeds $626,350 for single taxpayers and heads of households, $751,600 for married persons filing jointly and qualifying surviving spouse, and $375,800 for married taxpayers filing separate returns {1.2}. Qualified dividends {5.2} and long-term capital gains {6.3} may escape tax entirely under the 0% rate, or be subject to capital gain rates of 15% or 20% depending on filing status, taxable income, and how much of the taxable income consists of qualified dividends and eligible long-term gains {6.3). The 20% capital gain rate applies in 2025 when taxable income exceeds $533,400 for single taxpayers, $566,700 for heads of households, $600,050 for married persons filing jointly and qualifying surviving spouse, and $300,000 for married persons filing separately. The 0%, 15%, and 20% rates do not apply to long-term gains subject to the 28% rate (collectibles and taxed portion of small business stock) or the 25% rate for unrecaptured real estate depreciation {6.3). Individual tax rate schedules: Status: Permanent Effective Years: 2025 and beyond What Changed/Details: TCJA brackets retained; 37% top rate made permanent Notes: Eliminates 2026 reversion to pre-2018 brackets Alternative minimum tax (AMT) exemption and tax brackets: The AMT exemptions, exemption phaseout thresholds, and the dividing line between the 26% and 28% AMT brackets are adjusted for inflation. The 2025 AMT exemptions (prior to any phaseout) are $137,000 for married couples filing jointly and qualifying surviving spouse, $88,100 for single persons and heads of households, and $68,500 for married persons filing separately. See 23.1 for exemption phaseout rules and AMT calculation details. All nonrefundable personal credits may be claimed against the AMT as well as the regular tax {23.3}.