(NEXSTAR) — We’re still two weeks away from the end of 2024, but maybe you’re already gearing up for tax season (we are more than 100 days out from Tax Day, in case you’re curious).
While the IRS recently announced big updates for tax year 2025, including another adjustment to the tax brackets due to inflation, there are some changes to be aware of before you file your taxes for 2024.
And, if you’re really looking forward to tax year 2025, we’ve included those updates below.
Tax brackets and the standard deduction for 2024
The standard deduction for single taxpayers and married individuals filing separately will be $14,600, up $750 over 2023. For married couples filing together, the standard deduction is rising by $1,500 to $29,200. For heads of households, it will be $21,900, up $1,100.
Social Security retirement age set to change in 2025The table below shows the tax bracket breakdown for tax year 2024:
If your taxable income is greater than:Taxes owed$609,350 ($731,200........