All articles tagged with #income thresholds
The Internal Revenue Service has announced that tax brackets will be adjusted in 2024 to account for inflation, with an increase of 5.4%. This is intended to prevent "bracket creep" and ensure that taxpayers are not pushed into higher tax brackets without an increase in real income. The federal income tax will continue to have seven rates, ranging from 10% to 37%. The new tax brackets will apply for taxes paid in 2025.
Minnesota lawmakers have agreed to send tax rebates to eligible taxpayers with adjusted gross incomes of up to $75,000 for individuals and $150,000 for couples who filed jointly. The rebates are expected to be $260 for individuals and $520 for couples, with an additional $260 per dependent for up to three dependents. The revenue department will use tax year 2021 individual income tax or property tax refund returns to determine eligibility and distribute the tax rebate payments via direct deposit or checks starting this fall. Taxpayers will not have to apply for this payment, but those who have changed their bank information or address since filing their 2021 return will need to update their information with the revenue department through a secure online portal.