Changes to tax returns and the IRS in 2026: adjustments, benefits, and losses for households

"President Donald Trump's fiscal reform, passed in July of this year, adjusted the standard deduction for the 2025 tax year to $15,750. For heads of household, it will be $23,625, while for couples filing jointly, the amount rises to $31,500. Likewise, this year's tax brackets are as follows: 10% for single people earning $11,925 and $23,850 for married couples. 12% for income from $11,926 for single filers and $23,200 for couples."

"The 2026 tax season will bring changes that will impact millions of taxpayers in the United States. From inflation adjustments to tax brackets which redefine the income ranges subject to each tax rate to changes in essential credits such as those assigned to earned income or child credits, the Internal Revenue Service (IRS) has updated several parameters that determine how much households will pay and how much they could receive in refunds."

Child tax credit amounts will increase next year while the expiration of federal Obamacare assistance may raise tax payments for millions. Inflation adjustments and updated tax brackets will redefine income ranges subject to each rate. The IRS updated parameters that determine tax liabilities and potential refunds, including changes to earned income and child credits. The standard deduction for 2025 increases to $15,750 for single filers, $23,625 for heads of household, and $31,500 for joint filers. The tax system remains progressive, with income taxed in portions at progressively higher rates.

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