Tax brackets and filing dates will change in the new year.
Tax brackets are changing in 2025—so Newsweek has rounded up everything you need to know before the new year.The IRS adjusts tax brackets for inflation annually to stop taxpayers being pushed into a higher income tax bracket without an increase in real income. There are seven income brackets that earners can fall into: 10, 12, 22, 24, 32, 35 and 37 percent, and they will remain unchanged throughout 2025.
For the 2024 tax year, the exemption amount for single filers rises to $85,700 and starts to phase out at an income level of $626,350. For married couples filing jointly, the exemption amount increases to $137,000, with a phase-out beginning at $1,252,700. Earned income tax credits. For qualifying taxpayers who have three or more qualifying children, the tax year 2024 maximum Earned Income Tax Credit amount is $7,830. Foreign earned income exclusion.
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