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The Tax Cuts & Jobs Act (TCJA) of 2017 made significant changes to the individual income tax brackets. These changes are scheduled to expire after 2025, but there is uncertainty about whether they will be extended or modified.
The following are the 2025 tax brackets for married filing jointly, assuming the TCJA provisions remain in place:
The standard deduction for married filing jointly in 2025 is $27,700. This means that the first $27,700 of your taxable income is not subject to federal income tax.
The personal exemption was eliminated by the TCJA. This means that you can no longer reduce your taxable income by a specific amount for each dependent.
The 2025 tax brackets for married filing jointly are scheduled to expire after 2025. However, there is uncertainty about whether they will be extended or modified. It is important to consult with a tax professional to determine your specific tax liability.
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