Key Details of the 2025 Child Tax Credit Credit Amount : For the tax year 2025, families can claim $2,200 for each qualifying child under the age of 17. This is an increase from the previous amount of $2,000 in 2024. Refundable Portion : The refundable portion of the credit, often referred to as the Additional Child Tax Credit, allows families to receive up to $1,700 back per child, even if they do not owe any federal income tax. Eligibility Requirements : To qualify for th
The IRS unveiled the 2026 contribution limits for health savings accounts , or HSAs, which offer triple-tax benefits for medical expenses. Starting in 2026, the new HSA contribution limit will be $4,400 for self-only health coverage, the IRS announced Thursday. That’s up from $4,300 in 2025, based on inflation adjustments. Meanwhile, the new limit for savers with family coverage will jump to $8,750, up from $8,550 in 2025, according to the update. To make HSA contribution
As you plan your finances for the upcoming year, the IRS has provided a crucial piece of the puzzle: the official, inflation-adjusted federal income tax brackets and standard deduction amounts for the 2025 tax year. These are the numbers you will use when you file your taxes in early 2026. While the seven tax rates—10%, 12%, 22%, 24%, 32%, 35%, and 37%—remain the same, the income thresholds for each bracket have increased by about 2.8% to account for inflation. This annual ad
