The Internal Revenue Service on Tuesday announced the annual inflation adjustments for standard deductions, marginal tax rates, earned income tax credits, adoption credits and more for 2025.

The standard tax deduction is a fixed amount that taxpayers can subtract from their income to lower their taxable income. The amount you save will depend on your income and tax bracket. That being ...

A married couple earning a combined $100,000 could use the 2025 standard deduction to reduce their taxable income to $70,000 for instance. The other option is to itemize one's annual tax ...

NEW YORK — U.S. taxpayers will again see higher standard deductions for 2025 ... Revenue Service detailed the increases in its annual inflation adjustments announced Tuesday.

The IRS on Tuesday announced new inflation-adjusted tax brackets for the coming year, setting the standard deduction for a single ... taxes on households with annual income below $400,000.

The Internal Revenue Service on Tuesday announced the annual inflation adjustments for standard deductions, marginal tax rates, earned income tax credits, adoption credits and more for 2025.