For tax year 2025, the exemption amount for unmarried individuals will increase to $88,100 ($68,650 for married individuals filing separately) and begins to phase out at $626,350. For married couples filing jointly, the exemption amount increases to $137,000 and begins to phase out at $1,252,700.

Today the Internal Revenue Service announced increased to the federal income tax brackets and standard deduction for 2025. If your salary remains the same but you fall into a lower tax bracket next year, this could increase your paycheck starting in January.

The IRS has adjusted tax brackets and dozens of other provisions for inflation. Here's how that will impact your taxes.

The IRS has announced higher standard deductions for U.S. taxpayers in 2025, allowing them to shield more income from taxation.

The standard deduction will rise to $15,000 for an individual or $30,000 for a married couple. The IRS on Tuesday announced new inflation-adjusted tax brackets for the coming year, setting the standard deduction for a single filer at $15,000 and for a married couple at $30,000 for the first time.

U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.

For single taxpayers and married individuals filing separately, the deduction is rising to $15,000 — up $400 from 2024.

The IRS released the 2025 standard deduction amounts you’ll use for your 2025 tax return. These amounts for each filing status are adjusted for inflation every year. So, the standard deduction is higher for 2025 than last year.

U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.