Tax Season 2025: What You Need to Know

Key Takeaways

• Your tax returns are due on Tax Day, which falls on April 15, 2025. Make sure you gather all your tax forms and decide whether to self-file or work with a tax professional with plenty of time to spare.

• For tax year 2024, the standard deduction will lower your taxable income by $14,600 for single filers and $29,200 for married couples filing jointly. Unless your itemized deductions are greater than those amounts, you’re better off sticking with the standard deduction.

• The federal income tax brackets were slightly adjusted for inflation. Meanwhile, the lowest tax rate stayed put at 10% and the top tax rate remains at 37%.

• There are many tax deductions and tax credits that can help lower your tax bill when you sit down to do your taxes this spring. The right tax pro and tax software can help you take advantage of all the deductions and credits you qualify for.

Standard Deduction for the 2024 Tax Year

When you pay taxes, you have the option of taking the standard deduction or itemizing your deductions (calculating your deductions one by one). Itemizing is more of a hassle, but it’s worth it if your itemized deductions add up to more than the standard deduction.

For the 2024 tax year, the standard deduction went up to adjust for inflation. Here’s the 2024 standard deduction:

Standard Deduction for Tax Year 2024

Filing Status	Standard Deduction
Single	$14,600
Married Filing Jointly	$29,200
Married Filing Separately	$14,600
Head of Household	$21,9005