Federal Tax Calculation for 2025 Updated

In the Advanced Budget spreadsheet, the Federal Tax calculation was updated to reflect the 5 major changes in effect for 2025 as a result of the OBBBA passed by Congress in early July. The changes include: standard deduction amounts, no tax on tips, no tax on overtime, car loan interest deduction, and the allowable deduction for seniors. Users can enter their tip and overtime income and car loan interest, where indicated.

When the actual 2025 tax forms are issued, the spreadsheet will be updated as needed and will be available for download.