The IRS has introduced its annual inflation adjustments for the 2025 tax year, raising standard deductions and income tax brackets, though by the smallest margin in recent years.
Married couples filing jointly will see their standard deduction rise to $30,000 in 2025, marking an $800 increase from the previous year, thus easing the tax burden.
The adjusted withholding rates are designed to enhance paychecks while simultaneously reducing income tax liabilities for numerous Americans.
The basic exclusion amount for estates will rise to $13.99 million in 2025, reflecting a need for updates to account for inflation and adjustments.
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