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Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly
The exemption amount for married couples filing jointly increased to $133,300 and begins to phase out at $1,218,700, up $6,800 and $62,400 compared with tax year 2023, the IRS said. The tax year ...
The Internal Revenue Service has announced that IRS Free File will begin accepting individual tax returns as of Jan. 10, 2025, for the 2024 tax season.
For reference, this provision increases the maximum refundable amount per child to $1,800 in tax year 2023, $1,900 in tax year 2024, and $2,000 in tax year 2025. This is in addition to the ...
If keeping up with tax changes in the law were a sport, 2017 and 2025 might be considered the Tax Olympics. Recall that during the first year of President-elect Donald Trump’s first term ...
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.
Coley said, “The biggest change in 2025 comes from the SECURE ACT 2.0 and applies to participants ranging from age 60 to 63 and allows for a super catch-up contribution of $11,250 versus the ...
New IRS tax brackets for 2025. The IRS has raised the income thresholds for tax brackets by about 2.8% from 2024, CBS News reports. The agency also increased the standard deduction to $15,000 for ...