Question 1

What is the standard deduction for the 2025 tax year (filed in 2026)?

Accepted Answer

For 2025, the standard deduction is $15,750 for single or married filing separately filers, $31,500 for married filing jointly or qualifying surviving spouses, and $23,625 for head of household filers. These amounts are subtracted from your income on Form 1040, line 12.

Question 2

What is the maximum Section 179 expense deduction for tax year 2026?

Accepted Answer

For tax years beginning in 2026, the maximum Section 179 expense deduction is $2,560,000, according to IRS Publication 946. This limit is reduced dollar-for-dollar once the total cost of Section 179 property placed in service exceeds $4,090,000. The SUV limit is $32,000.

Question 3

Do I need to report income if I didn't receive a Form 1099?

Accepted Answer

Yes. According to IRS Publication 334, you must report all income from your business on your tax return, including income not reported to you on a Form 1099 filed by the payor, unless it is excluded by law. Failure to report can trigger IRS notices and penalties.

Question 4

What are the 2025 AGI limits for the Earned Income Credit?

Accepted Answer

Per Publication 596, your AGI must be less than $61,555 ($68,675 MFJ) with three or more qualifying children, $57,310 ($64,430 MFJ) with two, $50,434 ($57,554 MFJ) with one, or $19,104 ($26,214 MFJ) with no qualifying child. AGI is found on Form 1040 or 1040-SR, line 11b.

Question 5

How does the Premium Tax Credit affect my tax return and which forms are involved?

Accepted Answer

You reconcile the Premium Tax Credit using Form 8962 and information from Form 1095-A issued by the Health Insurance Marketplace. If your credit exceeds advance payments, the net credit appears on Form 1040, Schedule 3, increasing your refund. If your advance payments exceeded your credit, you repay the excess on Schedule 2. Per Publication 4012, you should also adjust your Schedule A insurance premium deduction accordingly.

Question 6

How does the Premium Tax Credit affect my tax return and which forms are involved?

Accepted Answer

You reconcile the Premium Tax Credit using Form 8962 and information from Form 1095-A issued by the Health Insurance Marketplace. If your credit exceeds advance payments, the net credit appears on Form 1040, Schedule 3, increasing your refund. If your advance payments exceeded your credit, you repay the excess on Schedule 2. Per Publication 4012, you should also adjust your Schedule A insurance premium deduction accordingly.

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