Before you file your tax return, listen up! A few important changes this year could put money back in your pocket. Be sure you’re not missing out and tune in as we break down the key updates to the 2025 tax code. Spoiler alert: Not all of the changes will save you money.
Hi, I’m John Gigliello, a CERTIFIED FINANCIAL PLANNER™ with the Albany Financial Group, and you are listening to Invest in Knowledge, a podcast for people who are planning for retirement or already retired and want to know more about proactive tax planning, retirement income planning, social security timing, investment management and asset protection. After a life-altering health issue at age 39, my calling in life became clear: To share my knowledge of personal finance with people who are looking to make smart and responsible choices with their money.
Tax season is officially underway, so let’s take a look at the changes for this filing season. Some may save you money, but some may not. Even though Congress did not make major changes for this year, there are some new details to be aware of, especially for those who sell things online, bought an electric vehicle, or who prefer to get their refund as a savings bond.
Before we get started, please remember that the rules for income taxes are complex and they change a bit every year, including annual inflation adjustments for tax brackets and the standard deduction.
Bigger changes may be in store for next year and beyond, depending on how President Trump and Congress address the fate of the 2017 Tax Cuts and Jobs Act, which sunsets on Dec. 31 this year.
Filing taxes might also be a little less cumbersome this year since the IRS upgraded its online services by adding features and making it easier to check the status of refunds.
It takes taxpayers an average of 13 hours and $290 to prepare and file their tax returns, according to the IRS. But the time and money seemed to pay off. Last year, tax refunds averaged $3,138, according to the IRS. Taxpayers who file electronically and choose direct deposit should get the payments within 21 days.
Here are some key changes for this year to note:
- The Standard deduction has increased, along with other annual inflation adjustments.
- If you sold anything online, you might receive a 1099K.
- If you bought an Electric Vehicle in 2024, you may qualify for a tax credit. But you may also owe.
- Filers in disaster relief areas may be eligible for extended deadlines.
- More taxpayers are getting hit with penalties for underpayment.
- This year, there are more ways to file your taxes free.
- I bonds are no longer an option for your refund.
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John Gigliello
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