The IRS has revealed the annual inflation adjustments impacting more than 60 tax provisions for the upcoming 2024 tax year. This includes a bump in the standard deduction and fresh income limits for seven tax brackets.
In a statement on November 9, the federal agency announced that a series of fresh annual inflation adjustments will have an impact on the 2024 tax year, potentially leading to an increase in your paycheck.
Each year, the IRS adjusts tax rates to consider the rising cost of living. With persistent high price pressures, many Americans, feeling the strain of inflation, are hoping for some relief at tax time.
The standard deduction, commonly utilized by individuals who don’t itemize their taxes, raises the amount of income people can earn before they have to hand some of it over to the government through taxes.
According to the latest annual inflation adjustments from the IRS, the standard deduction for married couples filing jointly in 2024 is now $29,200, showing a $1,500 increase or 5.4 percent compared to the previous year. This year’s rise is more modest than the previous year’s bump of $1,800, which was a 7 percent jump, reflecting a somewhat slower pace of