Just before the July 4th holiday, Congress passed a domestic policy bill that extended the 2017 tax cuts that were set to expire this year while making some of the 2017 rules permanent. The bill also created several new tax laws for individuals while addressing other tax issues for businesses.
Some of the changes will start this year, while others will kick in in 2026. Like previous tax laws, some of the new rules are scheduled to expire, while others are permanent.
Here’s a quick summary of five individual tax law changes that are expected to impact most tax filers in 2025.
If you see anything in the new legislation that you want to discuss, please reach out. The new bill has added new complexity to the tax code, so I’m anticipating the IRS will issue some guidelines on how to interpret the updated rules later this year.