New tax brackets will boost paychecks and lower income tax for many Americans for the 2024 tax year.
apply to tax returns filed in 2025 and the IRS also changed 2024 tax withholding tables, which determine how much money employers should withhold from employee wages in paychecks for federal taxes.By adjusting the tax brackets — as the IRS does every year — it is attempting to stop "
," which happens when inflation pushes taxpayers into a higher income tax bracket without an increase in real income.standard deduction for married couples filing jointly will be $29,200, a $1,500 increase from $27,700 for the 2023 tax year. For single taxpayers, the standard deduction is $14,600, an increase of $750 from the 2023 deduction of 13,850.
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