Tax brackets have increased by about 2.75%, with the top rate of 37% applying to incomes over $626,350 for single filers and $731,200 for joint filers.
The 2025 tax filing season is almost here and there are some new tax brackets and standard deductions for the 2024 taxes. Tax brackets for single individuals:The IRS is increasing its tax brackets by about 2.75% for both individual and married filers across various income levels in tax year 2025:Tax brackets for joint filers:RELATED: Personal finance expert breaks down the No. 1 rule on the road to becoming a millionaireIn 2023, the IRS increased the tax brackets by about 5.
Similar to the latest tax deduction figures, the coming COLA adjustment is lower than that seen in the recent past. Social Security recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, then brought on by record 40-year-high inflation. Next year’s smaller increase reflects moderating inflation.
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