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Latin Times
Latin Times
Business
Shreyashi Chakraborty

IRS Unveils Higher Standard Deductions And New Tax Brackets For 2025

IRS capital gains Tax Exemption
As the tax deadline fast approaches, direct deposit is a safe, fast and secure option to get your tax refund. This is a representational image. (Credit: Kelly Sikkema/Unsplash)

The Internal Revenue Service (IRS) has announced new federal income tax brackets and standard deductions for 2025, which will apply to returns filed in 2026. To protect taxpayers from inflation impact, tax rates, deductions, and credits will be adjusted for 2025.

According to the IRS, the standard deduction will increase for the 2025 tax year. For single taxpayers and married individuals filing separately, the standard deduction will rise to $15,000, marking a $400 increase from the 2024 amount.

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