What are the major 2025 tax law changes affecting me?

Answer:

Key changes include:

• Standard deduction rises to $15,000 (single), $30,000 (married filing jointly), and $22,500 (head of household)
• New deduction of up to $25,000 for qualified tips, and up to $12,500 for eligible overtime compensation, subject to income phase-outs—active 2025 through 2028
• Child Tax Credit permanent increase to $2,200 per child under 17, adjusted annually, requires valid SSNs
• Additional $6,000 deduction for taxpayers age 65+, on top of existing senior standard deduction; phases out over $75,000 single or $150,000 joint MAGI
• Auto loan interest deduction up to $10,000/year for new U.S.‑assembled vehicles purchased between 2025–2028
• Broader 20% QBI deduction, expanded Section 179, and full bonus depreciation for small business owners