NEW YORK (PIX11) – The IRS has released its new income tax brackets adjusted for inflation.
The annual adjustment prevents unusual increases in the amount an earner pays for incomes that increase by 7% or less.
The upcoming tax season will also see new standard deductions.
For individual filers, it’s now $14,600. For married couples filing jointly, it increased by $1,500 to $29,200.
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.