Tax Services
OBBBA boosts standard deductions

OBBBA Boosts Standard Deductions

Starting in 2025, the One Big Beautiful Bill Act (OBBBA) increases and makes permanent the larger standard deductions introduced by the Tax Cuts and Jobs Act. The new standard deductions for this year (2025) are

  • $15,750 for single filers,
  • $31,500 for married couples filing jointly, and
  • $23,625 for heads of household.

The IRS will adjust the amounts annually for inflation beginning in 2026. Additional deductions remain for those who are age 65 or older or blind.

If you would like to discuss standard deductions, please get in touch with us at hello@agfintax.com.

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Tax planning

Tax Considerations When a Loved One Passes Away (Part 1)

January 5, 2021

A financially comfortable loved one has passed away. In this year of seemingly endless bad news, sadly, that’s not an uncommon situation.

The now-deceased loved one may have been single or married, and may or may not have been a relative. In any case, you’ve stepped up to the plate and taken on the challenging job of acting as executor for the deceased person’s estate. Good for you.

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Act Now: Earn 9.62 Percent Tax-Deferred

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Through October 2022, you can buy Series I bonds that pay 9.62 percent interest. And you receive that rate for six months from the time of purchase. What happens after that? On November 1, 2022, the U.S. Treasury Department sets

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OBBBA introduces mortgage interest cap and insurance policy.

OBBBA Caps Mortgage Interest and Adds Mortgage Insurance

September 5, 2025

If you deduct mortgage interest, the One Big Beautiful Bill Act (OBBBA) brings some important updates. First, it permanently caps the mortgage interest deduction for interest on up to $750,000 of acquisition debt ($375,000 if married filing separately). Interest on

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