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Written by a TurboTax Expert • Reviewed by a TurboTax CPA Updated for Tax Year 2025 • November 16, 2025 10:10 AM Click Here to Read More https://turbotax.intuit.com/tax-tips/general/taxes-2021-7-upcoming-tax-law-changes/L3xFucBvV Overview On July 4, 2025, the legislation known as the "One Big Beautiful Bill", also known as the Working Families Tax Cut, was signed into law. The new tax laws are as much about old tax laws as there are about new ones. The One Big Beautiful Bill

The IRS has  announced  the annual inflation adjustments for the year 2025, including tax rate schedules, tax tables and cost-of-living...

Your marginal tax rate determines what you pay when you receive the next dollar of income—it represents the highest tax rate you pay for...

Personal Exemption Amounts Due to the 2017 tax reform law, there will be no personal exemption amounts in 2025.   Personal exemptions...

There's a lot of chatter in Congress about making changes to the  Child Tax Credit , but so far, there’s no action. If nothing changes,...

As part of the 2017 tax reform law, sole proprietors and owners of pass-through businesses like LLCs, S corporations, and partnerships...

The AMT exemption rate is also adjusted for inflation. The AMT exemption amount for tax year 2025 for single filers is $88,100 and begins...

Capital gains rates will not change for 2025, but the brackets for the rates will change. Most taxpayers pay a maximum 15% rate, but a...

For 2025, the $2,500 maximum deduction for interest paid on student loans—called qualified education loans—will begin to phase out for...

In 2025, the monthly limitation for the  qualified transportation fringe benefit  and the monthly limitation for qualified parking...

Health Savings Accounts (HSA).  In 2025, the annual contribution limitation for an individual with self-only coverage under a high...

A workplace 401(k) plan helps you save a substantial amount each year for retirement, but there are annual limits on contributions by you...

For 2025, the  401(k)  contribution limit for employees is $23,500, or $31,000 if you are age 50 or older. This amount is up modestly...

Total 401(k) plan contributions by an employee and an employer cannot exceed $69,500 in 2025. Catch-up contributions bump the 2025...

Like  individual retirement accounts , 401(k)s are available as either traditional and Roth accounts. Both types have the same annual...

Some 401(k) plans have extra contribution limits on employees who are highly compensated. (If your employer has set up a Safe Harbor...

If your 401(k) contributions exceed the limits above, you may end up being taxed twice on your excess contributions: once as part of your...

In 2025, the foreign-earned income exclusion amount is $130,000, up from $126,500 in tax year 2024. Federal Estate & Gift Tax The...