2025 Tax Law Changes: What Retirees and Business Owners Need to Know
Congress recently passed H.R. 1 (Public Law 119-21) on July 4, 2025, bringing major changes to long-term tax planning. These updates have significant implications for retirees, business owners, and high-income households.
Key Updates:
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Permanent Tax Brackets – The seven brackets from the 2017 Tax Cuts and Jobs Act (10%–37%) are now permanent, offering stability for strategic planning.
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$6,000 Bonus Deduction for Seniors – Taxpayers aged 65+ can claim an extra deduction ($12k for couples) through 2028, on top of the standard deduction.
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SALT Deduction Cap Temporarily Increased – $40k for joint filers and $20k for singles until 2029, helping those in high-tax states.
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Enhanced Roth Conversion Opportunities – Lower brackets and higher deductions make Roth conversions more advantageous than ever.
Why It Matters:
With many provisions expiring after 2028–2029, now is the ideal time to revisit retirement strategies, IRA withdrawals, and tax planning.
Read the full guide here: https://creativefinancialgrp.com/the-2025-tax-law-just-changed-the-game-for-retirees-and-high-income-taxpayers/
