Ready to talk about taxes? On this episode of Market Sense, we dive into the new tax law, and how it could impact your 2025 taxes. A Fidelity branch leader and former tax preparer will highlight some of the changes and strategies for itemizing, charitable giving and Roth conversions. Plus, all the latest market headlines in 20 minutes. Topics covered: • 2025 tax changes • SALT • Roth Conversion • Charitable Contributions 00:00 Market Sense Introduction 01:39 Latest market headlines 04:22 Latest market headl ...

the amount of tax you pay next year could be changing. >> Yeah, this is after the IRS made its annual inflation adjustments earlier this month and updated the tax brackets for 2026. >> The big change is the 2.7% increase in the brackets here.That's significant uh for folks who are trying to keep up with inflation. If you get a raise uh next year and you're filing those taxes for 2026, you may not end up in the higher bracket if you don't exceed that 2.7% threshold. But there's some other key provisions here ...

Now, the amount of tax you pay next year could be changing. >> Yeah, this is after the IRS made its annual inflation adjustments earlier this month and updated the tax brackets for 2026. >> Here to tell us what this means for you is Investipedia's editor-inchief Caleb Silver.So, Caleb, the IRS says a lot of these amendments are due to the tax and spending bill passed by Republicans earlier this year. How are the tax brackets changing next year. What are some of the most notable changes.>> Yeah, well, the bi ...

Tax Bracket Adjustments - The IRS adjusts tax brackets annually to account for inflation, preventing "bracket creep" [1][2] - Due to inflation adjustments and an increased standard deduction, taxpayers may pay slightly less in 2025 compared to 2024, even with the same income [3] Tax Benefits for Seniors - Seniors aged 65 or older receive a temporary $6,000 tax deduction in addition to the standard deduction for the years 2025-2028 [4] - The $6,000 deduction for seniors is phased out for individuals with income at $75,000 and couples at $150,000 [4] - Changes to Medicaid may impact seniors, potentially raising costs related to long-term care [5] State and Local Tax (SALT) Deduction - The SALT deduction has increased to $40,000 [5] - Taxpayers in states with high local and state taxes who itemize their deductions could significantly benefit from the raised SALT deduction [6][7] Tax Planning Strategies - Bunching deductions, such as charitable contributions, can help taxpayers exceed the standard deduction and maximize tax savings [8] - Bunching can also be applied to medical expenses to surpass the required percentage for write-offs beyond the standard deduction [9]

Core Insights - The IRS has released the 2026 tax brackets and standard deductions, which, while not changing marginal tax rates, could significantly impact tax bills for high earners [1][8] - The income thresholds for the tax brackets have been adjusted upward for inflation, affecting taxable income calculations for high-income households [2][3] Tax Bracket Changes - The 2026 tax brackets show no change in marginal tax rates, but the income thresholds have increased due to inflation adjustments [2] - Taxable income is defined as gross income minus allowable deductions, which are also increasing in 2026 [3] Standard Deductions - The standard deduction for single taxpayers will rise from $15,750 in 2025 to $16,100 in 2026, while for married couples filing jointly, it will increase from $31,500 to $32,200 [3][6] Impact on High Earners - In 2026, a married couple with an adjusted gross income (AGI) of $1,000,000 will see a decrease in their tax bill from $282,407.50 in 2025 to $280,250.50 in 2026, resulting in a savings of $2,157 [6][7] - The increase in the standard deduction and adjusted tax brackets means that slightly more income will be taxed at lower rates [4][6]

Many nonprofits are facing financial challenges because of federal funding cuts and termination of contracts. Now, the government shutdown is adding to disruptions just as the most popular season for charitable giving gets underway. Sharon Eper joins us right now with more on your money and upcoming tax changes for donations.Good morning, Sharon. Good morning, Becky. You know, whether it's providing disaster relief, child care, support for seniors, or other needs in local communities, many nonprofits are co ...