Americans are set to receive the largest tax refunds in years, with an additional $60 billion in refunds compared to last year. For individual filers, that translates to an average increase of between $700 and $1,000 in their refunds. The standard deduction for individuals was boosted to $15,750, and up to $31,500 for married couples filing jointly. Wednesday, April 15, is the deadline for filing federal taxes this year, but there are a few things you need to be aware of. Here are the new provisions and who benefits:
- • Adults over the age of 65 will benefit from new increased deductions for seniors, which will allow them to take an additional $6,000 off their taxable income, on top of the standard deduction.
- • Parents will doubly benefit from the increased maximum child tax credits, as well as new "Trump accounts" for babies born in 2025. Parents can open those accounts if their babies qualify, and the treasury will seed it with $1,000.
- • Car owners will be able to deduct up to $10,000 spent on auto loan payments if the car was built in America in 2025 and purchased new. Although electric vehicle tax credits were eliminated under the new tax laws, Americans who bought one before September 30, 2025, can still claim the credit.
There will be some changes on tax forms, so pay attention and make sure you take advantage of any new provisions you qualify for. Tax experts advise using direct deposit to receive funds, as a paper check could take up to 12 weeks to arrive. Above all, don’t do paper returns. Putting a number on the wrong line or a simple math error could delay your return for quite some time.
