#standard-deduction

#standard-deduction

For many retirees, being taxed on Social Security benefits comes as a huge shock. These benefits are earned benefits that come to you because you have paid Social Security taxes during your entire career. Given that you already paid into the system to qualify, it's understandable to assume that the government is not going to charge you more tax. Unfortunately, that's not necessarily the case.

Federal income tax brackets and the standard deduction are about to look a little bit different in the US. The Internal Revenue Service announced changes to the tax code on Thursday, driven by both inflation adjustments and President Donald Trump's "Big Beautiful Bill." The standard deduction for married couples filing jointly is set to increase to $32,200, a $700 increase from the $31,500 deduction this year.