As the 2025 tax filing season nears, numerous individuals, families, and businesses are getting ready for significant changes in federal tax law. At Voyage Consulting, we are dedicated to guiding you through these updates with clarity and strategic insight. Before we proceed, we would like to extend our wishes for a very Happy Holiday Season to you and your loved ones. May it bring peace, relaxation, and valuable moments with those you hold dear.

With that spirit, here’s what you need to know heading into the new year.

IRS Tax Law Changes for 2025

The One Big Beautiful Bill Act (OBBBA): Stability for the Coming Years

Signed in July 2025, the One Big Beautiful Bill Act (OBBBA) makes permanent several tax cuts from 2017, eliminating the uncertainty surrounding the planned 2026 sunset. This helps taxpayers plan long-term with greater confidence.

Higher Standard Deduction for 2025

The IRS has increased standard deduction thresholds:

• Single filers: $15,750

• Married filing jointly: $31,500

This increase means fewer people will need to itemize to access meaningful tax relief.

Additional OBBBA Highlights

• Temporary increase in SALT deduction limits until 2029.

• New deductible categories, such as tips, overtime pay, and certain auto-loan interest (subject to eligibility).

• A temporary $6,000 deduction for eligible senior taxpayers through 2028.

These measures are designed to assist working families, retirees, and individuals with fluctuating incomes.

ACA (“Obamacare”) Premium Tax Credits: What to Expect in 2025

The Affordable Care Act’s Premium Tax Credit (PTC) continues unchanged for 2025, helping eligible Marketplace enrollees reduce monthly health insurance costs.

However, an important deadline is nearing:

Expanded ACA Subsidies Will Expire After 2025 Unless Extended

The enhanced subsidies introduced in recent years were not renewed under the 2025 legislation. Without congressional action, 2026 will bring:

• A loss of subsidy eligibility for many above 400% of the Federal Poverty Level.

• Potentially steep increases in Marketplace insurance premiums.

• A return of the “subsidy cliff” significantly impacts middle-income households.

  
  

Looking Ahead: What’s Still Unsettled

Congress has not reached an agreement on extending ACA subsidy enhancements. Advocacy groups warn about the impacts on families, veterans, and lower-income enrollees, but no legislative solution has been finalized.

This makes proactive tax and financial planning crucial for 2025.

What This Means for You

• Marketplace enrollees should review the 2026 projected income and monitor subsidy discussions.

• Households can benefit from higher standard deductions and stable bracket structures when mapping out tax liability.

• Seniors may qualify for additional relief under OBBBA’s temporary deduction.

• Business owners should evaluate year-end strategies to leverage deductions and understand how labor-based deductions (tips, overtime, etc.) may apply.

Voyage Consulting remains committed to guiding you through every step so you can make informed, strategic decisions.

Preparing for 2025 Tax Filing Season

With tax season right around the corner, now is the best time to get organized. Whether you are a household or a business owner, early preparation can reduce stress and create opportunities for tax savings. Here’s how to get ahead:

For Households

• Gather W-2s, 1099s, health-insurance Marketplace forms, and deduction records.

• Pay estimated taxes if required.

• Review eligibility for credits such as Child Tax Credit, EITC, Premium Tax Credit, and senior deductions.

• Plan cash flow for any potential balance due when filing.

For Business Owners

• Reconcile financial statements, categorize expenses properly, and ensure payroll records are accurate.

• Evaluate end-of-year purchases, depreciation opportunities, and potential credits.

• Evaluate whether a SIMPLE IRA, SEP-IRA, or 401(k) plan offers the best tax advantage for 2025.

• Ensure 1099-NEC filings are ready for contractors.

• Review your business structure to confirm you’re maximizing tax efficiency in 2025.

  
  

A Final Holiday Message

As we close the year, all of us at Voyage Consulting extend our warmest holiday wishes. May the season bring rest, joy, and renewal as we prepare for a productive new year and a smooth tax season ahead.

If you need personalized tax planning or support with ACA-related projections, we’re here to help every step of the way