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"Maximize Savings with 2024 IRS Tax Brackets and Last-Minute Deduction Strategies"

1 min read
Source: The Messenger
"Maximize Savings with 2024 IRS Tax Brackets and Last-Minute Deduction Strategies"
Photo: The Messenger
TL;DR Summary

The IRS has updated the tax brackets for 2024 to reflect annual inflation adjustments, allowing taxpayers to potentially owe less despite earning more. The top tax rate remains at 37% for high-income earners, but thresholds for all brackets have increased. Standard deductions have also risen, with the aim of preventing inflation from pushing taxpayers into higher brackets without an actual increase in purchasing power.

Topics:business##2024taxchanges#finance-and-economy#incometax#inflationadjustments#irs#taxbrackets
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