"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."
"For single filers, the deduction is increasing by $350, up to $16,100 in 2026 from $15,750 this year. The changes will begin in 2026, meaning taxpayers will notice the changes when they file their taxes in 2027."
The Internal Revenue Service announced adjustments to federal income tax brackets and the standard deduction for 2026. Inflation adjustments and President Donald Trump's "Big Beautiful Bill" drive the code changes. The standard deduction for married couples filing jointly will rise to $32,200, up $700 from $31,500. The standard deduction for single filers will rise to $16,100, an increase of $350 from $15,750. The bracket thresholds will shift upward for both single filers and married couples filing jointly. The changes take effect in 2026 and will be reflected when taxpayers file returns in 2027.
Read at Business Insider
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