IRS announces new tax brackets for 2024

CNN– Changes are coming to federal taxes for next year.

The Internal Revenue Service announced new tax brackets for 20-24 on Thursday.

The brackets show how much taxpayers will owe on each part of their taxable income going forward.

The IRS boosted the income thresholds for each bracket, accounting for inflation which means some people could benefit by being able to remain in a lower tax bracket.

The change will apply to returns filed in 2025.

However, the standard deduction will increase for both married couples filing jointly and single filers also seeing changes, alternative minimum tax, and other provisions.