Reported about 1 month ago
The IRS has announced increased standard deductions for U.S. taxpayers in 2025, with single taxpayers receiving $15,000, married couples filing jointly getting $30,000, and heads of households at $22,500. These adjustments, aimed at shielding more income from taxation, also include upward revisions to income thresholds across all federal tax brackets, while the top tax rate remains at 37% for incomes exceeding $626,350. Despite these increases, they are smaller compared to previous years' adjustments.
Source: YAHOO