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📝 IRS Releases Draft 1040 & 1040-SR for 2025 — Here’s What’s New!

The IRS just gave us a sneak peek at the 2025 tax return forms — and yes, there are some big changes ahead that both tax pros and everyday taxpayers should know.

🔹 New Forms to Know:

1. Form 1040 & 1040-SR (Seniors) – Updated with:

◦ Higher standard deductions 💵

◦ More details required on dependents and where taxpayers live

2. NEW Schedule 1-A: “Additional Deductions” – Covers new write-offs like:

◦ No tax on tips or overtime 💼

◦ Deduction for car loan interest 🚗

◦ Enhanced deductions for seniors 👵🏽👴🏿

3. NEW Form 4547: Reporting “Trump Accounts”
These are Child Savings Accounts that start in 2026 with:

◦ 💰 $1,000 federal contribution for U.S. babies born 2025–2028

◦ Grows like an IRA, converts to Roth IRA at age 18

◦ Families can contribute up to $5,000/year

◦ Employers can chip in up to $2,500 tax-free

🔹 Standard Deduction Increase for 2025:

• 🧍🏽 Single / MFS: $15,750

• 👨‍👩‍👧 Married Filing Joint: $31,500

• 👩🏾‍👦 Head of Household: $23,625

🔹 Other Notable Updates:

• 🍼 Adoption Credit: Up to $5,000 and now fully refundable

• 👶 Child Tax Credit & Additional CTC: Now permanent

💡 What This Means:

✅ More chances for clients to save money
📊 New forms = New learning for tax pros
📅 Start preparing now so you’re not caught off guard next season

Happy Veterans Day. We Appreciate Your Service.

🗣️ Yes, I’m ready to file taxes this season!
🗣️ Yes, I’m well-versed in all the latest tax laws!
🗣️ Yes, my arms will be crossed with confidence!
🗣️ Yes, I can beat any quote you bring my way!

💰 No qualifying children: $649
💰 1 qualifying child: $4,328
💰 2 qualifying children: $7,152
💰 3 or more qualifying children: $8,406

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940 503 0443

Today is the deadline for extension tax filing. If you need assistance with your taxes call today 940 503 0443.

Wednesday October 15, 2025 is the filing deadline for federal income tax extension filing. I have availability for 3 clients. Call and schedule today. 940-503-0443. Virtual filing is available. Any state