2025 in Review — A Year of Progress and Partnership

2025 Tax Perspective: A Year in Review

2025 brought tax changes with the passage of the "One Big Beautiful Bill Act", which made permanent the 37% top tax rate and significantly increased estate tax exemptions to $15 million per person. New deductions were introduced for charitable giving, and notable energy tax credits expire at year-end. The first 100 days of the Trump administration introduced tariff policies and proposed corporate tax rate reductions that created new paths to pave for investors. MTA helped clients navigate these dynamic changes through proactive planning and strategic guidance tailored to the goals of our clients. We are grateful for the opportunity to be your partner.

Many high-net-worth individuals are asking the same question this year: What are the most effective strategies for minimizing my tax liability?

With new provisions under the One Big Beautiful Bill Act and shifts coming in 2026, the tax landscape is evolving fast. From permanent top tax rates and expanded estate exemptions to new limits on deductions and updated planning opportunities, these changes are reshaping how income, investments, and wealth transfer strategies interact. Understanding these updates is key to avoiding surprises and optimizing long-term planning. Check out what partners, Rebecca McElroy, CPA, and Jennifer Youngblood, CPA, break down in our latest blog post.

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TEAM UPDATES

We are so excited to ring in 2026 with our newest team members. Please join us in welcoming:

Tyler Clem,Tax Manager
Kareem Hlayhey,Tax Supervisor

Important News and Updates

IRS Digital Payments: The IRS is phasing out paper checks, making electronic refunds and payments the new standard starting with 2025 returns. Taxpayers who don’t provide direct-deposit details may face delays or need exceptions, making early preparation essential. To learn more, access the article from the National Taxpayer Advocate here.

SALT cap update: The 2025 One Big Beautiful Bill Act raises the SALT deduction cap from $10,000 to $40,000 beginning in 2025, with gradual annual increases through 2029 and income-based phaseouts for high earners. While the change offers meaningful relief for taxpayers in high-tax states, it adds new layers of complexity as states decide whether to conform or decouple from federal rules. To learn more, access the full article from Thomson Reuters here.
2026 Deduction Changes: Starting in 2026, the OBBBA introduces deduction “haircuts” that reduce the value of certain itemized deductions for higher-income taxpayers. Of note, a new 0.5% AGI floor for charitable gifts, limits on the tax value of itemized deductions, and phased-down SALT benefits. To learn more, access the article from the Tax Foundation here.