Here’s what you should know before submitting

Here’s what you should know before submitting

With January just weeks away and inflation still weighing on Americans’ wallets, taxpayers across the country are preparing to file tax returns in 2025.

To ease the transition, the Internal Revenue Service announces inflation adjustments each year and notes adjustments for more than 60 tax provisions.

The IRS released numbers last year for the 2024 tax year and urged most taxpayers to pay special attention to the standard deduction for single and married filings.

For single and married filing separate returns, the standard deduction increased to $14,600, an increase of $750 from the 2023 tax year, the IRS reported. For married couples filing jointly for the 2024 tax year, the deduction increased to $29,200, $1,500 more than in the 2023 tax year, the IRS said. The IRS noted that the head of household standard deduction increased by $1,100 to a total of $21,900.

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