2025 TAX
TIPS AND INFORMATION
INDIVIDUALS
· STANDARD
DEDUCTION
o MFJ =
$31,500
o HOH =
$23,625
o SINGLE = $15,750
· NO MORE
MOVING EXPENSE DEDUCTIONS
· ALIMONY
o Pre December
31, 2018 still deductible to payee and income to payor
o Post December
31, 2018 no longer deductible.
· MEDICAL
EXPENSES
o Must be
greater than 7.5% of AGI
· TAXES
o Cannot exceed
$40,000 for Property Taxes, State Income Taxes and DMV fees combined for
people with AGI’s under $500,000
· MORTGAGE
INTEREST
o Pre December
31, 2017 mortgages can only deduct interest on $1,000,000
o No more
deduction for Equity Lines
o Post December
31, 2017 mortgages can only deduct interest on $750,000
o Be careful
when refinancing.
§ Only allowed to change rate and term.
§ If you pull cash out then you will limit yourself to
the new $750,000 limit.
· NO MORE 2%
DEDUCTIONS
o No more
deducting Unreimbursed Employee Expenses
o No more
deductions for entertainment (meals still at 100%)
o No more
home office deductions for employees who work from home
o No more
deductions for investment fees