Americans face new tax deadlines and guidelines for 2025, with potential changes to tax amounts due to IRS budget cuts and updated tax brackets.
As Americans enter the new year, they face new tax deadlines. The Internal Revenue Service ( IRS ) updates tax guidelines annually, potentially impacting the amount of money Americans receive or the deadlines they face. A recent loss of $80 billion from Congress's efforts to avert a government shutdown, coupled with new tax tier and deduction guidelines, could significantly alter tax amounts for many Americans.
The exact date for filing taxes in 2025 will be announced soon, but taxpayers can begin preparing in advance. Tax return forms are expected to be available in late January, likely around January 27th. The seven income brackets will remain: 10, 12, 22, 24, 32, 35, and 37 percent. While the top tax rate for single taxpayers earning over $626,350 stays at 37 percent, taxpayers in different income brackets should note specific thresholds for their tax rates
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