Something to keep in your back pocket for tax year 2024
The IRS has announced key inflation adjustments for the tax year 2024, which will impact tax returns filed in 2025. Here are the significant changes: 1. **Standard Deduction Increases**: For married couples filing jointly, the standard deduction is up by $1,500 to $29,200. For single taxpayers and those married filing separately, it rises to $14,600, …
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