The IRS has implemented new federal income tax brackets and standard deductions, resulting in slightly higher, inflation-adjusted paychecks for many people.
The adjustments, aimed at combating inflation and preventing bracket creep, will apply to tax returns filed in 2025.
Additionally, the standard deduction for individuals and married couples has increased, and there have been changes to Social Security benefits, qualified transportation and parking benefits, flexible spending accounts, and employee contributions to certain retirement plans. (Trending: Donald Trump Breaks His Silence After Major Court Win)
“The IRS also increased the standard deduction for individuals and married couples. Single taxpayers can now claim $14,600 in their annual tax returns, up from $13,850 in 2023,” the report noted.
“Meanwhile, the standard deduction for married couples filing joint returns has increased to $29,200 — a $1,500 bump from 2023.”
“The IRS also made other changes in its annual adjustment report, including to Social Security benefits, which increased by 3.2% compared to 2023,” the report added.
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