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IRS sets higher standard deduction, new tax brackets
Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.
IRS Announces Higher Standard Deductions for Taxpayers in 2025
While the top tax rate of 37 percent remains unchanged, it will now apply to individuals earning more than $626,350 for single taxpayers in 2025, up from $609,350 in 2024. More From Newsweek Vault: Rates Are Still High for These High-Yield Savings Accounts
IRS releases new 2025 income tax brackets, standard deductions: Where do you fall?
The Internal Revenue Service has released new income tax brackets for 2025 that account for changes in inflation. The changes will go into effect for tax filings made in 2026. The standard deduction will increase to $30,
1d
on MSN
Yellen touts IRS enforcement as helping close the budget deficit
Treasury Secretary Janet Yellen touted increased enforcement of tax laws by the IRS as helping to close the budget deficit by ...
11h
on MSN
IRS Announces 2025 Tax Year Inflation Adjustments
The IRS’s Revenue Procedure 2024-40 outlines crucial adjustments for tax year 2025, including updated tax brackets.
6h
on MSN
Bay Area man loses $6.5K after IRS check stolen, cashed by thief using Wells Fargo ATM
Despite an investigation proving he was the victim of a crime, Wells Fargo refused to reimburse Yates. 7 On Your Side ...
15h
on MSN
South Florida woman sentenced to year in prison for making half million from false tax returns
A Broward County woman was sentenced to one year in federal prison Tuesday, two months after she admitted to making nearly ...
greenmarketreport
5h
Accounting group pushes for clarity as questions around cannabis tax rules mount
The American Institute of CPAs sent the letter to the Treasury Department and IRS in response to earlier notices about 280E ...
14h
on MSN
IRS announces annual inflation adjustments for tax year 2025. Here's what to know.
On Tuesday, the Internal Revenue Service announced the annual inflation adjustments for tax year 2025. The document IRS Rev. Proc. 2024-40 provides detailed information on adjustments and changes to ...
scrippsnews
13h
Certain tax cuts are set to expire next year. Here's what that means
Certain tax cuts are set to expire at the end of next year, and that could mean 'a mixed bag of pros and cons' according to ...
JD Supra
12h
New IRS Guidance for Long-Term Part-Time Employees in ERISA covered 403(b) Plans at Private, Non-Profit Institutions of Higher Education
In potentially welcome news for public institutions of higher education, in Notice 2024-73, the Internal Revenue Service (IRS) confirmed that the ...
1d
What the 2025 Tax Brackets Mean for Your Money
The higher standard deduction and new income ranges for each tax bracket mean that someone who earned the same income would ...
InvestmentNews
19h
IRS announces 2025 inflation adjustments to tax rates
The federal tax agency's latest update includes items on standard deductions, clarity on marginal tax rates, and the ...
1d
on MSN
IRS Changes Tax Rules for 2025: Full List of Who's Impacted and How
In 2026, for the tax year 2025, the standard deduction got a $400 boost, making it $15,000 for single filers. Married couples ...
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