07/25/2025
Hello everyone, and welcome to my page. I am pleased to share the updated tax rules for 2025 with you, particularly the changes to individual tax brackets. The current tax rates are 10%, 24%, 35%, and 37%. Starting in 2025, the rates will be adjusted to 10%, 12%, 22%, 24%, 35%, and 37%. This change means individuals will have a lower tax bill, resulting in a larger refund from the IRS. Also, the child tax credit has been modified to increase to $2,200 per qualifying child under 17. After 2025, the amount will be adjusted annually for inflation. The previous credit amount was $2,000 per qualifying child. Furthermore, those receiving tip income will benefit from a deduction on qualified tip income up to $25,000. Finally, I will post more about the new rules and updates in different posts.
