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Covers permanent and newly introduced provisions, including changes to TCJA elements, federal tax brackets, the standard deduction, and expanded Section 199A Qualified Business Income treatment. Summarizes SALT deduction cap adjustments, AMT threshold updates, Child Tax Credit figures, gift and estate exemption amounts, plus business deductions and reporting impacts like 1099-K thresholds and R&D and Section 179 expansions.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/2025-tax-year-cheat-sheet-key-updates-and-changes-for-the-upcoming-tax-year/390010/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/2025-tax-year-cheat-sheet-key-updates-and-changes-for-the-upcoming-tax-year/390010.png","ImageObject",300,407,{"name":92,"@type":93},"SundayMiles","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-02","2026-09-25",true,{"@type":102,"interactionType":103,"userInteractionCount":34},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What are the major permanent tax changes in the 2025 tax year?","Question",{"text":112,"@type":113},"The bill makes several TCJA-related items permanent, including the 7 federal tax brackets, larger standard deduction amounts, and an expanded and made-permanent Section 199A QBI deduction.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the SALT deduction change for 2025?",{"text":117,"@type":113},"The SALT cap is temporarily increased, with thresholds and phaseouts based on MAGI; after 2029 it reverts to the prior lower cap amount.",{"name":119,"@type":110,"acceptedAnswer":120},"What changes affect business deductions and reporting in the 2025 tax year?",{"text":121,"@type":113},"Key items include expanded Section 179 limits, restored permanent full and immediate R&D expensing with retroactive amendments back to 2022, and a higher 1099-K reporting threshold for third-party payment networks.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},390010,1790647961,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":34,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":44,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144,"preview_page_count":4},1099529839202,"https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd","2025 tax year cheat sheet  \nKey updates and changes for the upcoming tax year  \nOne Big Beautiful Bill Act (OBBBA): Major tax changes  \nThe OBBBA extends or makes permanent several TCJA provisions and introduces new reforms:  \nPermanent extensions from TCJA  \nNew provisions starting with the 2025 tax year  \n7 federal tax brackets are now permanent  \nLarger standard deduction amounts are also now permanent  \nThe Section 199A Qualified Business Income (QBI) deduction is expanded and made permanent  \nElimination of personal and dependent exemptions remains in effect  \nThe State and Local Tax (SALT) deduction cap is temporarily increased withincome-based phaseouts  \nLow-and middle-income workers can exclude certain overtime pay and tips from taxable income  \nA new bonus deduction for seniors is available for older adults receiving Social Security  \nDividends from BDCs and REITs receive expanded Section 199A treatment, lowering their effective tax rate  \n2025 tax year cheat sheet | 2  \nIndividual tax changes  \nThe following updates impact individuals and their take-home pay, family benefits, and year-end tax planning:  \nStandard deduction and new \"bonus\" deduction  \nThe standard deduction, the amount of income you can exclude from taxes, has increased for 2025:  \n􀂃 Single or married filing separately: $15,750 (up from $14,600)  \n􀂃 Married filing jointly: $31,500 (up from $29,200)  \n􀂃 Head of household: $23,625 (up from $21,900)  \nA new \"bonus\" deduction for taxpayers aged 65 and older is effective from 2025 through 2028:  \n􀂃 Additional deduction of $6,000  \n􀂃 Phaseouts begin at Modified Adjusted Gross Income (MAGI) above $75,000 for single filersand $150,000 for married couples filing jointly  \n􀂃 The full deduction phases out entirely for single filers with MAGI above $175,000 and for joint filers with MAGI above $250,000  \nContinues to next page  \n2025 tax year cheat sheet | 3  \nIndividual tax changes  \nThe following updates impact individuals and their take-home pay, family benefits, and year-end tax planning:  \nSALT deduction expansion  \nCap increases to $40,000 for married couples filing jointly (up from $10,000)  \nPhaseouts  \nBegins at MAGI above $500,000 for married couples filing jointly  \nThe deduction is reduced by 30% for every dollar over the threshold, not falling below $10,000  \nFor married filing separately, the cap is $20,000, phasing out above $250,000 MAGI, and not falling below $5,000  \nDuration  \nTemporary through 2029, with thresholds increasing by 1% annually  \nAfter 2029, the cap reverts to $10,000 (or $5,000 for married filing separately)  \nContinues to next page  \n2025 tax year cheat sheet | 4  \nIndividual tax changes  \nThe following updates impact individuals and their take-home pay, family benefits, and year-end tax planning:  \nAlternative Minimum Tax (AMT)  \nThe exemption amount is now $88,100 for individuals, $137,000 for married couples filing jointly  \nPhaseout begins at AMT income (AMTI) of $626,350 for single filers and $1,252,700 for married couples filing jointly, at a rate of 25 cents per dollar  \nChild Tax Credit  \nGift tax and estate tax  \n􀂃 Maximum credit increased to $2,200 per qualifying child  \n􀂃 The refundable portion remains at $1,700  \nGift tax exclusion:  \n􀂃 The first $19,000 per recipient is excluded from tax (up from $18,000)  \nEstate tax exemption:  \n􀂃 For decedents dying in 2025, the individual exemption is $13.99 million  \n􀂃 For 2026 and beyond, the exemption increases to $15 million  \n2025 tax year cheat sheet | 5  \nBusiness and  \nself-employed updates  \nThe following changes may impact reporting requirements, while others offer tax savings:  \n\n| Pass-through deductions (Section 199A) |  |\n| --- | --- |\n| 􀂃 The 20% QBI deduction is now permanent\u003Cbr>􀂃 Starting in 2026, the QBI deduction increases to 23% | 􀂃 The deduction limit phase-in ranges are expanded by $25,000 for single filersand $50,000 for joint filers |\n\nDividends from Business Development Companies (BDCs) and Real Estate ","cbCainWd68u92XOc","https://ap.wps.com/l/cbCainWd68u92XOc","pdf",178225,"English","# Key updates and changes for the upcoming tax year\n## One Big Beautiful Bill Act (OBBBA) overview\n## Individual tax changes\n## Business and self-employed updates\n## Employee benefits and compensation","[{\"question\":\"What are the major permanent tax changes in the 2025 tax year?\",\"answer\":\"The bill makes several TCJA-related items permanent, including the 7 federal tax brackets, larger standard deduction amounts, and an expanded and made-permanent Section 199A QBI deduction.\"},{\"question\":\"How does the SALT deduction change for 2025?\",\"answer\":\"The SALT cap is temporarily increased, with thresholds and phaseouts based on MAGI; after 2029 it reverts to the prior lower cap amount.\"},{\"question\":\"What changes affect business deductions and reporting in the 2025 tax year?\",\"answer\":\"Key items include expanded Section 179 limits, restored permanent full and immediate R\\u0026D expensing with retroactive amendments back to 2022, and a higher 1099-K reporting threshold for third-party payment networks.\"}]","2025 tax year cheat sheet - Key updates and changes for the upcoming tax year | PDF",1790329191,23]