The due date to file your 2025 income tax return or extension form is April 15, 2026.
For the 2026 tax season, the standard deduction amounts will be increased slightly as in previous years. The increased standard deduction will continue to allow more individuals to file without itemizing deductions on Schedule A.
| Filing Status | Standard Deduction Amount |
|---|---|
| Married Filing Joint; Qualifying Surviving Spouse | $31,500 |
| Single; Married Filing Separate | $15,750 |
| Head of Household | $23,625 |
For tax year 2025, the top tax rate remains at 37%. All other rates are below based on taxable income levels.
| Tax Rate | Single Taxable Income | MFJ Taxable Income | HOH Taxable Income |
|---|---|---|---|
| 37% | Over $578,100 | Over $693,750 | Over $578,100 |
| 35% | $231,250 – $578,100 | $462,500 – $693,750 | $231,250 – $578,100 |
| 32% | $115,625 – $231,250 | $231,250 – $462,500 | $115,625 – $231,250 |
| 24% | $47,150 – $115,625 | $94,300 – $231,250 | $47,150 – $115,625 |
| 22% | $11,600 – $47,150 | $23,200 – $94,300 | $11,600 – $47,150 |
| 12% | $0 – $11,600 | $0 – $23,200 | $0 – $11,600 |
For tax year 2025, the AMT exemption amount increased to provide additional relief for taxpayers subject to the alternative minimum tax calculation.
For the 2025 tax year, Medical Savings Account (MSA) contribution limits have been adjusted to reflect inflation adjustments.
For tax year 2025, HSA contribution limits have been increased as follows: $4,300 for self-only coverage and $8,550 for family coverage. Individuals age 55 or older can contribute an additional $1,150 catch-up amount.
For tax year 2025, the Child Tax Credit is $2,200 for each qualifying child, and the maximum Additional Child Tax Credit amount increased to $1,700 for every child who is under the age of 17.
Clean Vehicle credit of up to $7,500 (or $40,000 for a vehicle with a GVWR of 14,000 pounds or more) is available for purchasing a new electric vehicle under the renamed Clean Vehicle Credit. For the first time, people purchasing used electric vehicles from 2024 to 2032 are eligible for a tax credit up to the lesser of $4,000 or 30% of the sales price, depending on their income.
For tax year 2025, the maximum Earned Income Tax Credit amount is $8,046 for qualifying taxpayers who have three or more qualifying children, and $649 with zero qualifying children.
You can deduct charitable contributions you made in 2025 as long as you itemize your deductions and donate to qualified organizations. The limit for charitable deductions is 60% of your adjusted gross income.
Starting in 2025, most student loan debt incurred for post-secondary education that is forgiven will not be considered taxable income. The rule allowing workers to exclude up to $5,250 of college loans paid by their employer in 2020 from taxable wages was also extended through 2026. The $5,250 cap applies to both student loan repayment benefits and other educational assistance offered by an employer.
The gift tax exclusion remains $19,000 per recipient for 2025. This means you can give up to $19,000 ($38,000 if your spouse agrees) to each child, grandchild or any other person in 2025 without having to file a gift tax return or tap into your lifetime estate and gift tax exemption. The lifetime estate and gift tax exemption increased to $13.99 million from 2024 ($27.98 million for couples if portability election is timely made).