IRS Announces Tax Changes for 2024: New Brackets and Higher Deductions

The IRS has revealed significant changes for the upcoming tax season. Due to inflation, new tax brackets will see a 2.8% increase for 2024. Standard deductions will rise by $400 for single filers to $15,000, $800 for married couples filing jointly to $30,000, and $600 for heads of households to $22,500. These adjustments will impact tax returns filed in 2026.