As we close out 2024, it is a good time to think ahead about the coming year. Below are the 2025 Income tax brackets for all taxpayers.

In addition to the marginal tax brackets, the capital gains and qualified dividend rates remain at 0%, 15%, and 20%. Here is a breakdown of those thresholds:

In 2025, the standard deduction for married tax payers is $30,000 ($15,000 for single taxpayers). So, itemized deductions will need to exceed that amount in order to itemize your deductions. As in 2024, our expectation is that more taxpayers than ever will take the standard deduction.

As you know many of the tax benefits from the Tax Cuts and Jobs Act (TCJA) will expire at the end of 2025 without legislative action. We look forward to keeping you informed of any major tax changes and assisting in all your tax planning needs over the coming year.