What are the current federal income tax brackets?

For 2025, the seven brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your marginal rate depends on your taxable income and filing status. Only the income within each bracket is taxed at that rate—not your entire income.

Should I take the standard deduction or itemize?

For 2025, the standard deduction is $15,000 (single) or $30,000 (married filing jointly). Itemize only if your total deductible expenses—mortgage interest, state/local taxes, charitable donations, etc.—exceed the standard deduction.

How can I reduce my tax bill legally?

Maximize retirement contributions (401(k), IRA), use tax-loss harvesting, contribute to an HSA, take all eligible deductions and credits, and consider tax-efficient investment placement. Small business owners have additional strategies like the QBI deduction.

When are federal taxes due?

Individual federal income tax returns are generally due April 15. You can file an extension to October 15 for more time to file, but any taxes owed are still due by April 15.

Taxes – Calculators, Brackets, Deductions & Filing Guides

By Wealthvieu · Updated January 15, 2025

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