Core Insights - The article discusses various strategies for taxpayers to save on their taxes, particularly in light of recent changes under the One Big Beautiful Bill Act (OBBBA) that will affect tax returns filed in 2025 and beyond Group 1: Tax Filing Strategies - Taxpayers need to decide whether to itemize deductions or take the standard deduction, with the standard deduction amount increasing for tax year 2025 due to the OBBBA [2][3] - The OBBBA made the increased standard deduction permanent, which has led to a significant decrease in the number of taxpayers itemizing deductions, dropping from about one-third to less than 10% [4] - An estimated 5 million additional taxpayers are expected to itemize in 2025 as a result of the new law [4] Group 2: Deductions for Seniors - A new deduction for seniors aged 65 and older allows for an additional $6,000 deduction on top of itemized or standard deductions, applicable per person [5][6] - The deduction phases out for individuals earning over $75,000 or married couples filing jointly earning over $150,000 [6] Group 3: State and Local Taxes (SALT) - The OBBBA increased the SALT deduction limit from $10,000 to $40,000, potentially making itemizing more beneficial for many taxpayers [7][9] Group 4: Tips Deduction - Starting in 2025, certain workers can deduct up to $25,000 in tips, with the deduction phasing out for those earning more than $150,000 [10][11] Group 5: Charitable Contributions - Beginning in the 2026 tax year, taxpayers can deduct $1,000 in charitable donations even if they take the standard deduction, a change that may benefit those who donate to charities [13][14] Group 6: Investment Losses - Taxpayers can offset capital gains with investment losses, with a limit of $3,000 for single filers, and losses can be carried forward to future tax years [14][15] Group 7: Health Savings Accounts (HSA) - Contributions to HSAs can reduce taxable income and are made with pre-tax dollars, with specific contribution limits based on individual and family plans [16][17][18] Group 8: Retirement Accounts - Contribution limits for 401(k) plans are set at $23,500 for 2025, increasing to $24,500 for 2026, with additional catch-up contributions available for those aged 50 and older [19][20] - Taxpayers can contribute to traditional IRAs until April 15, 2026, for the 2025 tax year, with limits of $7,000 for 2025 and $7,500 for 2026 [20][21]