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IRS Looks To Counter Inflation, Increases Take-Home Pay

via WHAS11
This article was originally published at StateOfUnion.org. Publications approved for syndication have permission to republish this article, such as Microsoft News, Yahoo News, Newsbreak, UltimateNewswire and others. To learn more about syndication opportunities, visit About Us.

In 2024, the IRS is adjusting federal income tax brackets and standard deductions to counteract the impact of inflation, aiming to prevent “bracket creep.”

The changes will lead to higher take-home pay for Americans.

The new standard deduction for married couples filing jointly will be $29,200, up from $27,700, and for individuals, it will be $14,600, up from $13,850.

Tax brackets are increasing by about 5.4%, potentially resulting in savings for millions of taxpayers.

Other adjustments include higher thresholds for the earned income tax credit and increased contributions to health flexible spending accounts.

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