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For 2025, the IRS has adjusted income tax brackets to accommodate rising wages. The 37% top tax rate applies to singles earning over $626,350 and married couples earning over $751,600 (an increase ...
Under the TCJA, key changes were made to individual tax laws, including the near-doubling of the standard deduction and increasing the child tax credit to $2,000, from $1,000.
What to know about the 2025 tax filing season. When preparing your tax return, it helps to be aware of changes in tax rules. ... which offers taxpayers a guided tool to file their federal tax ...
However, the estate tax exclusion — the amount of your estate that’s shielded from federal taxes — will climb to $13.99 million in 2025, up from $13.61 million in 2024.
The IRS announced new federal income tax brackets on Tuesday, adjusting them for inflation. ... The agency also increased the standard deduction to $15,000 for those filing individually (an ...
For married couples filing jointly for tax year 2024, the deduction increased to $29,200, up $1,500 from tax year 2023, the IRS said. The IRS noted that for the head of household, the standard ...