Due Date for Filing Tax Returns
Partnerships and Corporations: March 16, 2026
Individuals: April 15, 2026
Extended Partnerships and Corporations:
September 15, 2026
Extended Individuals: October 15, 2026
Tax Tables for 2025
| Tax Rate | For Single Filers | For Married Individuals Filing Joint Returns | For Heads of Households |
| 10% | $0 to $11,925 | $0 to $23,850 | $0 to $17,000 |
| 12% | $11,925 to $48,475 | $23,850 to $96,950 | $17,000 to $64,850 |
| 22% | $48,475 to $103,350 | $96,950 to $206,700 | $64,850 to $103,350 |
| 24% | $103,350 to $197,300 | $206,700 to $394,600 | $103,350 to $197,300 |
| 32% | $197,300 to $250,525 | $394,600 to $501,050 | $197,300 to $250,500 |
| 35% | $250,525 to $626,350 | $501,050 to $751,600 | $250,500 to $626,350 |
| 37% | $626,350 or more | $751,600 or more | $626,350 or more |
Standard Deductions
For 2025, standard deductions are as follows:
Single and Married Filing Separately: $15,750
Married Filing Jointly & Surviving Spouses $31,500
Head of Household: $23,625
Deductions for Seniors
For tax years 2025 through 2028 seniors aged 65 and older may claim an additional tax deduction of $6,500 in addition to the deductions stated above whether they itemize their deductions or not. This additional deduction begins to phase out for single taxpayers with adjusted gross income of $75,000 and joint filers with adjusted gross income of $150,000.
No Tax on Tips
For tax years 2025 through 2028 employees and self-employed individuals in certain occupations may deduct qualified tips received up to $25,000 that do not exceed net income before the deduction. The deduction applies to tips earned between January 1, 2025 and December 31, 2028. The deductions stated above apply whether they itemize their deductions or not. The amounts must be reported on either a W-2 or 4137 form. This deduction phases out for single taxpayers with modified adjusted gross income of over $150,000 or joint filers over $300,000.
No Tax on Ovetime Income
For individuals who receive qualified overtime pay in addition to regular time pay they may deduct up to $12,500 of overtime pay reported on a W-2 or 1099 form. This deduction phases out for single taxpayers with modified adjusted gross income of over $150,000 or joint filers over $300,00. The deductions stated above apply whether they itemize their deductions or not.
No Tax on Car Loan Interest
For tax years 2025 through 2028 taxpayers who purchase a new vehicle for personal use that is financed after December 31, 2024 they may claim an annual interest deduction of up to $10,000. A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States. The deduction is available if the buyer refinances the car loan at a later date. This deduction phases out for single taxpayers with modified adjusted gross income of over $100,000 or joint filers over $200,000. The deductions stated above apply whether they itemize their deductions or not.
Enhancement of Adoption Tax Credit
The adoption tax credit is partially refundable up to $5,000 (indexed for inflation) beginning in taxable years starting after Dec. 31, 2024. Any carried forward amount cannot be used to calculate the refundable portion of the credit in future years.
Expiration of Personal & Commercial Clean Vehicle Tax Credits
Clean energy vehicle credits have expired for any vehicles purchased after September 30, 2025.
Expiration of Used Clean Vehicle Tax Credits
The used clean energy vehicle credits have expired for any vehicles purchased after September 30, 2025.
Expiration of Energy Efficient Home Improvement Credits
Energy efficient home improvement credits expire for any improvements made after December 31, 2025.
If you use your home partly for business, the credit for eligible clean energy expenses is as follows:
Business use up to 20%: full credit
Business use more than 20%: credit based on share of expenses allocable to nonbusiness use.
The maximum credit you can claim each year is
$1,200 for energy efficient property costs and certain energy efficient home improvements, with limits on exterior doors ($250 per door and $500 total), exterior windows and skylights ($600) and home energy audits ($150)
$2,000 per year for qualified heat pumps, water heaters, biomass stoves or biomass boilers
The credit is nonrefundable, meaning you can’t get back more than your tax liability for the year. You may claim the energy efficient home improvement credit for improvements to your main home. Your main home is generally where you live most of the time.
For the energy efficiency home improvement credit, the home must be:
Located in the United States
An existing home that you improve or add onto, not a new home
In most cases, the home must be your primary home (where you live the majority of the year).
Estate Tax Exclusion Amount
The basic exclusion amount for estate tax returns filed for 2025 is $13,990.000, meaning it is not necessary to file an estate tax return if the estate’s net value is $13,990,000 or less.
Penalties and Interest Rates
Failure to file penalties are 5% of the unpaid amount for each month or up to 25% maximum. Late payment penalties are 7% determined on a quarterly basis. Tax rates are high enough as it is so it makes sense to have adequate withholding taxes from wages earned or to make timely quarterly estimated tax payments. Your tax preparer can help you calculate appropriate amounts.