The IRS raises standard deductions and adjusts tax brackets upward by 2.75% for 2024 and 2025 filings.

The IRS has announced changes for 2024 and 2025 tax filings, including increased standard deductions and a 2.75% rise in tax brackets for various income levels. For 2024, single filers see a $750 increase to $14,600, while married couples filing jointly receive a $1,500 increase to $29,200. Tax brackets for 2025 will also rise by approximately 2.75% for both single and joint filers. These adjustments aim to account for inflation and may affect tax liabilities.

3 months ago
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