WASHINGTON – With tax season expected to begin in about a month, it’s important to prepare and know what type of bill or refund you might face.

Tax brackets are adjusted annually to take inflation into account. The Internal Revenue Service typically releases the numbers more than a year in advance.

The IRS published figures for the 2024 tax year in November 2023.

For the upcoming tax filing season, the agency increased the standard deduction for married couples filing jointly to $29,200, an increase of $1,500 from the 2023 tax year. The standard deduction for married couples filing alone or married couples filing separately is $14,600 for 2024, an increase of $750. For heads of household, the standard deduction is $21,900, an increase of $1,100 from 2023.

• Income over $609,350 ($731,200 for married couples filing jointly) – 37%
• Income over $243,725 ($487,450 for married couples filing jointly) – 35%
• Income over $191,950 ($383,900 for married couples filing jointly) – 32%
• Income over $100,525 ($201,050 for married couples filing jointly) – 24%
• Income over $47,150 ($94,300 for married couples filing jointly) – 22%
• Income over $11,600 ($23,200 for married couples filing jointly) – 12%
• Income of $11,600 or less ($23,200 for married couples filing jointly) – 10%

Even though Tax Day is April 15th, we don’t yet know exactly when tax season will begin. The IRS traditionally announces when it will begin accepting and processing tax returns in early to mid-January.

In 2024, tax season began on January 29th (with an announcement on January 8th). In 2023, tax season began on January 23rd (with an announcement on January 12th). So keep an eye out next month if you want to get an early start on tax season.

The IRS announced in October that taxpayers would again receive higher standard deductions in 2025. For couples filing jointly, this standard deduction will be $30,000 for 2025, an increase of $800 from last year. And heads of household get a standard deduction of $22,500, $600 more than in 2024.

For single and married individuals who file separate tax returns for the 2025 tax year, the standard deduction increases to $15,000 – an increase of $400 from 2024.

• 37% for single taxpayers earning more than $626,350 ($751,600 for married couples filing jointly)
• 35% for income over $250,525 ($501,050 for married couples filing jointly)
• 32% for income over $197,300 ($394,600 for married couples filing jointly)
• 24% for income over $103,350 ($206,700 for married couples filing jointly)
• 22% for income over $48,475 ($96,950 for married couples filing jointly)
• 12% for income over $11,925 ($23,850 for married couples filing jointly)
• 10% for income of $11,925 or less ($23,850 or less for married couples filing jointly)

The Associated Press contributed to this report.