Common tax deductions can increase your tax refund, but some are in danger of being reduced or eliminated.
Tax deductions can impact your taxable income, reduce your overall tax liability and potentially increase your refund.Why It MattersTax deductions are specific expenses that the IRS allows taxpayers to subtract from their total income. By lowering taxable income, deductions effectively decrease the overall tax liability, potentially resulting in a lower tax bill or a higher refund.
The credit amount increases with the number of qualifying children, offering greater support to larger families and is refundable, meaning it can reduce your tax liability or result in a refund if the credit amount exceeds the taxes you owe.
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New Tax Brackets and Standard Deductions for 2025Get ready for the 2025 tax season with updated information on tax brackets and standard deductions for the 2024 tax year. The IRS is increasing tax brackets by about 2.75% for both single and joint filers. Standard deductions are also increasing, but at a slower rate than in previous years. The Social Security Administration also announced a 2.5% cost-of-living adjustment for beneficiaries.
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2025 Tax Brackets and Standard Deductions ReleasedThe Internal Revenue Service (IRS) has announced the tax brackets and standard deductions for the 2024 tax year. Both individual and married filers will see increases, but at a lower rate compared to recent years. The Social Security Administration also announced a 2.5% cost-of-living adjustment (COLA) for 2024, reflecting moderating inflation.
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