2024/2025 Quick Tax Reference Guide

From a straightforward tax transaction to the most complex tax issues, you can rely on Bloomberg Tax for practical resources to support your federal tax planning and compliance in the upcoming year with breaking news, in-depth analysis, time-saving practice tools, practitioner insights into emerging trends, and access to a full array of primary source materials.

[Download this Quick Tax Reference Guide as a PDF.]

Request a demo to see how Bloomberg Tax can help you provide exceptional guidance to mitigate risk and seize opportunities for your company or your clients.

Heads of households

Source: Code Section 1(j); Rev. Proc. 2023-34; Rev. Proc. 2024-40

Unmarried individuals (other than qualifying surviving spouses and heads of household)

Source: Code Section 1(j); Rev. Proc. 2023-34; Rev. Proc. 2024-40

Married individuals filing separate returns

Source: Code Section 1(j); Rev. Proc. 2023-34; Rev. Proc. 2024-40

Long-term capital gains and qualified dividends rate schedule

Source: Code Section 1(h), 1(j)(5); Rev. Proc. 2023-34; Rev. Proc. 2024-40

Estates and gifts tax rates for decedents dying and gifts made in 2024 and 2025

Source: Code Sections 2001(c), 2502(a)

Applicable exclusion amount for estate and gift tax

Source: Code Section 2010(c)(3); Rev. Proc. 2024-40; Rev. Proc. 2023-34

Gift tax annual exclusion

Source: Rev. Proc. 2024-40; Rev. Proc. 2023-34

Personal exemption

Source: Code Section 151(d); Rev. Proc. 2024-40; Rev. Proc. 2023-34

Deduction for qualified business income from pass-through entity

Source: Code Section 199A

Subject to certain limitations, for tax years 2018 through 2025, individuals, estates, and trusts may deduct up to 20% of qualified business income they receive from sole proprietorships and pass-through entities (such as partnerships, limited liability corporations, and S corporations) in which they own an interest. The remaining income (after the 20% deduction) is taxed at the individual’s, estate’s, or trust’s regular income tax rate.

Standard mileage deduction rates

Source: Notice 2025-05; Notice 2024-08; Code Section 217(k)

Self-employment tax (SECA) limit

Source: SSA Notice, 89 Fed. Reg. 85,276 (Oct. 25, 2024)

Alternative minimum tax (AMT) limits and amounts

AMT exemption amounts

Source: Rev. Proc. 2024-40; Rev. Proc. 2023-34; Rev. Proc. 2023-34; Rev. Proc. 2024-40]

First-year property expensing limits

Source: Code Section 179(b); Rev. Proc. 2024-40; Rev. Proc. 2023-34

ERISA and tax code pension and retirement plan limits

Source: Notice 2024-80; Notice 2023-75

Medicare Part B total premiums for high-income beneficiaries with Part B immunosuppressive drug coverage only

Source: 89 Fed. Red. 90,002 (Nov. 14, 2024)

Medicare Part A deductible and coinsurance amounts

Source: 89 Fed. Red. 90,002 (Nov. 14, 2024)

Medicare Part D income-related monthly adjustment amounts

Source: 89 Fed. Red. 90,002 (Nov. 14, 2024)

[Download this Quick Tax Reference Guide as a PDF.]

Optimize your federal tax process with Bloomberg Tax

Bloomberg Tax is transforming the way tax professionals work. With advanced automation, integrated workflows, and embedded intelligence, our powerful platform offers a comprehensive solution for efficient and accurate federal tax planning.

Our tools are designed to simplify complex tax processes, enhance compliance with the latest tax laws and rates, and improve overall efficiency – so you can confidently minimize risk and take control of your tax strategy to deliver real value to your organization.

Request a demo to see how Bloomberg Tax can elevate the way you work.