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"Understanding the IRS' New Tax Brackets for 2024: What You Need to Know"

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Source: CBS News
"Understanding the IRS' New Tax Brackets for 2024: What You Need to Know"
Photo: CBS News
TL;DR Summary

The IRS is expected to announce new tax brackets for 2024 in the coming days or weeks, with a projected increase of about 5.4% due to inflation. Higher thresholds can help prevent "bracket creep" and potentially lower taxpayers' overall tax liability. Additionally, the standard deduction is set to increase for single taxpayers, married couples filing jointly, and heads of households, which could result in lower taxes for some individuals.

Topics:nation#finance#inflation-adjustment#irs#standard-deduction#tax-brackets#tax-rates
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  1. The IRS will soon set new tax brackets for 2024. Here's what that means for your money.  CBS News
  2. IRS announces new tax income brackets for 2023: Here’s how much you’ll pay  SILive.com
  3. The IRS will soon set new tax brackets for 2024. Here's what to know.  Yahoo Finance
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