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10/08/2026

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10/03/2026

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09/14/2026

12/31/2025

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11/26/2025

📝 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

11/11/2025

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