Oak Hill, WV (WOAY)- Changes are coming to federal taxes for next year, which could help most Americans hold on to more of their income.
The Internal Revenue Service announced new tax brackets in 2024, showing how much taxpayers will owe on each part of their “taxable income” from now on.
The IRS boosted the income thresholds for each bracket, accounting for inflation and allowing people to remain in a lower tax bracket, especially those who receive only a cost of living raise.
The change will apply to returns filed in 2025.
However, the standard deduction will increase for married couples filing jointly, single filers, alternative minimum tax, and other provisions.