The deadline to file your 2025 federal income tax return is April 15, 2026. If you request an extension, you will have until October 15, 2026, to file, but any taxes owed must be paid by April 15 to avoid penalties and interest. We recommend filing an extension even if you expect to file your return by April 15th, as this gives you a bigger window of time to make corrections that the IRS can process quickly.
The standard deduction for 2025 is:
Taxpayers over 65 receive an additional standard deduction of:
*These amounts are doubled for taxpayers who are over 65 and legally blind.
Contrary to some online claims, Social Security benefits remain taxable under the new tax bill. For tax years 2025 through 2028, an extra deduction is allowed for seniors in place of the now-repealed personal exemptions:
The deduction begins to phase out for single taxpayers with income over $75,000 and married filers with income over $150,000.
Yes, unemployment compensation is generally taxable and must be reported as income on your federal return.
The deadline to contribute to your HSA for the 2025 tax year is April 15, 2026. Contributions must be made by the tax filing deadline for the year, even if you file an extension.
Remember to consider increasing your pre-tax retirement contributions before adjusting your withholding - always pay yourself first!
Refunds are typically issued within 21 days for e-filed returns with direct deposit.
The IRS no longer issues paper refund checks for most individual taxpayers. If you file without banking info and don’t qualify for an exception, the IRS will hold the refund and send a letter requesting your banking details before issuing the refund electronically. Refunds may also be issued via prepaid debit card once the IRS clarifies how this will be implemented.
Yes, you can apply for a payment plan online by creating an account at IRS.gov. You can also request an Installment Agreement with the IRS by filing Form 9465 with your return. There is a fee to set up a payment plan.
This new overtime deduction applies only to the "half" portion of "time-and-a-half" or "double-time" pay. For example, if your regular pay rate is $20/hour and your overtime rate is $30/hour, you can deduct $10/hour of qualified overtime pay on your 2025 tax return. You must get figure your qualifiying overtime from your last paystub of 2025, or a statement from your employer specifying the amount. The deduction is limited to $12,500 per person ($25,000 joint).
The new tip deduction is available for workers included in this list of occupations. Qualified tips are voluntary cash or charged tips received from customers or through tip sharing. The maximum annual deduction is $25,000. Workers who receive a W-2 can rely on this form to calculate the deduction. Self-employed workers must keep a log of their tip income, and the deduction may not exceed the individual’s net income (without the deduction) from the trade or business in which the tips were earned.
This deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
The so-called "No Tax on Car Loan Interest" provision of the new tax bill allows for a deduction of up to $10,000 for interest on a loan to purchase a new qualified vehicle. Taxpayers with modified adjusted gross incomes over $100,000 ($200,000 for joint filers) will phase out of the deduction, and it is unavailable for taxpayers with MAGI over $150,000 ($250,000 joint). Other eligibility requirements include:
IRS is expected to publish a list of qualifying vehicles, but the NHTSA VIN Decoder can be used to look up plant of manufacture information in the meantime. For qualifying loans, taxpayers must get a statement from the lender showing the total amount of interest paid for the year.
If you claim itemized deductions, the state & local tax (SALT) deduction limitation is raised to $40,000 (or $20,000 if Married Filing Separately) through 2029. For, with phase‑down for high MAGI, reverting after 2029.
For joint filers with modified adjusted gross incomes over $500,000 ($250,000 if married filing separately) the deduction is capped at $10,000.
Noncash donations can be taken as an itemized deduction on federal tax returns. Some states allow a deduction for noncash donations for those who take the standard deduction. For example, Minnesota allows a deduction for 50% of the amount of cash & noncash donations over $500 for the year.
You must determine the fair market value of items donated. You can use the Noncash Donation Valuation Worksheet on our Downloads page to figure out the value. If your total donations for the year are greater than $500, you must report the date & fair market value of each donation on Form 8283. If a single item donated is valued over $5,000 an appraisal is required.
The invoice or sales contract showing what was purchased, the date, and the cost. Some credits allow labor to be included in the cost while others do not, so it is best to receive an itemized invoice or sales receipt.
To find out whether your improvement qualifies for a tax credit, visit the ENERGY STAR website.
Find a list of energy-related incentives in your area at https://www.dsireusa.org/
The time of sale report showing the vehicle's year, make, model, VIN number, purchase date, and cost. This should have been provided by the dealership at the time of purchase.
Visit www.fueleconomy.gov for more information on claiming this credit.
Equi-Tax
PO Box 24106, Edina, MN 55424
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