HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
If I alternate between itemizing one year and taking the standard deduction the next, can that lower my total 2‑year tax cost?
Yes. Because the choice to itemize vs. take the standard deduction is made separately each tax year, alternating can reduce your combined 2-year tax when you can “concentrate” deductible payments into one year
What kinds of expenses make itemizing worthwhile compared with the 2025 standard deduction levels?
To make itemizing worthwhile for 2025, your allowable Schedule A total generally needs to exceed your 2025 standard deduction amount: $15,750 (single or MFS), $23,625 (head of household), or $31,500 (MFJ or qualifying surviving spouse).
As a senior (65+), how do the new temporary senior standard deduction and existing age-based add-ons work for 2025–2028?
For tax years 2025, 2026, 2027, and 2028 (i.e., taxable years beginning before January 1, 2029), there is an additional deduction of $6,000 for each qualified individual who is age 65+ by the end of the tax year
How did the 2025 and 2026 standard deduction amounts change for single, married, and head of household filers?
The standard deduction increased from tax year 2025 to tax year 2026 as follows (these are the basic standard deduction amounts, before any additional amounts for age 65+ and/or blindness):
Should I take the higher 2025 standard deduction or itemize my deductions on my 2025 return?
For 2025, the IRS’s current guidance reflecting 2025 law changes shows these standard deduction amounts:
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What are the main 2025–2026 IRS inflation adjustments (brackets, credits, etc.) I should know before filing?
A 2025 Form 1040 (generally filed in 2026) uses tax year 2025 inflation-adjusted amounts.
How did the One Big Beautiful Bill Act (OBBBA) change individual tax rules starting with 2025 returns filed in 2026?
The Act made permanent the individual tax rate tables that had been scheduled to expire after 2025: the seven ordinary income rates