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November 14, 2023, 11:04 PM
Taxpayers will have higher standard deductions and there will be other changes for tax year 2024, due to adjustments made by the IRS because of inflation.
The standard deduction for married couples filing jointly will increase by $1,500 to $29,200, and it will go up by $750 to $14,600 for single taxpayers and married individuals filing separately. This means more taxpayers will be able to retain more of their yearly income.
“Every year in September, the Bureau of Labor Statistics produces the August consumer price index,” IRS spokesman Anthony Burke said. “The IRS takes those figures and applies them to about 60 tax items that have to be, by law, adjusted for inflation. And so, it moves up various rates, various things change and most of these are beneficial for taxpayers because it has to keep track with inflation to keep things fair.”