SALT (STATE AND LOCAL TAXES): This includes state, local, and property taxes, which are limited to $40,000 ($20,000 if married filing separately). There is a phase-out to the limit for the tax deduction for individuals whose modified AGI is over $500,000 ($250,000 for MFS), but it never goes below $10,000. 

CHILD TAX CREDIT (CTC): The CTC has increased to $2,200 per child if your MAGI does not exceed the income limit.

1099-K INCOME EARNERS: If you accept payments for goods or services over a third-party network (i.e., Venmo, PayPal, Cash App, Square, Zelle) that received at least 200 transactions and at least $20,000 annually, you will receive a 1099-K and have to report it as income.

1099-MISC & 1099-NEC EARNERS: If you received at least $2,000 from any kind of employer, you will receive these forms and report it as income. If you received at least $2,000 from any kind of employer, you will receive these forms and report it as income.

ENERGY EFFICIENT IMPROVEMENTS CREDIT: The previous law that was passed stated from 2022 to 2030, 30% up to $1,200, had no lifetime limit - this has been revoked! If you do not install your home improvements by December 31, 2025, you will not be able to take this credit. 

CHARITABLE CONTRIBUTIONS: There is now a law that allows a tax deduction of $1,000 ($2,000 for MFJ) for charitable CASH/CHECK contributions made by an individual who does not itemize their tax deductions.

TAX ON SOCIAL SECURITY: Social Security can still be taxed if there is other taxable income to report (i.e., retirement income, W-2 wages, investment income, etc.). What the new bill offers is a better DEDUCTION on your social security income. This includes an additional deduction up to $6,000 per person, age 65+ or $12,000 per couple, and the income phase–out is MAGI < %75,000 for Single and MAGI < $150,000 for MFJ.

ELECTRIC VEHICLE CREDIT (EV): The EV credit effectively ended on Sept. 30, 2025, which means if you purchased a qualifying vehicle before that date, this credit will still be available for you. If you purchased it on Oct. 1, 2025, or after, you won’t be able to claim any credit. 

ROTH CONTRIBUTION PHASE-OUT: The AGI phase-out range for taxpayers MFJ is now $236,000- $246,000. The phase out for Single and HOH filers is $150,000-$165,000. The Contribution limit is $7,000, and $8,000 over the age of 50. 

401K CONTRIBUTIONS: The maximum contribution is $23,500 under the age of 50. Over the age of 50, an additional $7,500 may be contributed (catch-up contributions). 

TRADITIONAL CONTRIBUTION PHASE-OUT: The AGI phase-out range for taxpayers MFJ is now $126,000-$146,000. The phase out for Single and HOH filers is $79,000-$89,000. 

GIFT EXCLUSIONS: The maximum contribution is $19,000/person; this amount is not tax-deductible to the gifter, nor is it taxable income for the recipient.