The "One Big Beautiful Bill" brings sweeping updates to the federal tax law, modifying tax brackets, deductions, and certain credits that could change how much individuals  owe or save at tax time. 

1099‑K digital payments- report taxable platform income even without receiving a form.

IRA prior- year IRA contributions can often be made until April 15th. 401(k) contributions are typically limited to the calendar year and cannot be made until December 31st.

Review the tax law changes to see updates that impact taxable income and liability. Its highly recommended to send 3 years of returns (filed or prepared) to the Yukon team so we can help guide you.

For the 2025 tax year, the max credit amount is $2,200 per child under the age of 17, a $200 increase per child from prior year.

 

 

 

 

 

 

 

Availability through the end of 2025 to claim Energy Efficient Home Improvement Tax Credit. Visit energystar.gov for updated information.

IRS Inflation Adjustments

Top tax bracket (37%): Applied to taxable income over $700,000 for individuals and $1,400,000 for married couples filing jointly.

Earned Income Tax Credit (EITC): The maximum EITC for those with 3+ qualifying children has increased to $7,000.

Capital Gains Tax Adjustment

The tax rates for long-term capital gains remain unchanged, but the home sale exemption has increased:

Single filers: $300,000 exclusion on gain from the sale of a primary residence

Married filers: $600,000 exclusion