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2024-10-23 10:13:44
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abcnews.go.com_2 on Nostr: Summary of Taxpayers will get higher standard deductions in 2025, IRS announces The ...

Summary of Taxpayers will get higher standard deductions in 2025, IRS announces



The source article:
Taxpayers will get higher standard deductions in 2025, IRS announces


U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns

https://abcnews.go.com/US/wireStory/taxpayers-higher-standard-deductions-2025-irs-announces-115025579

U.S. taxpayers will benefit from higher standard deductions in 2025, with increases of $400 for single filers and $800 for couples filing jointly. Income thresholds for tax brackets were also adjusted upwards. Despite recent low inflation, prices for medical care, clothing, auto insurance, and airline fares are rising. The adjustments for 2025 are smaller than in previous years, indicating a trend of more modest changes in deductions.
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