IRS announces new tax brackets

(CNN)– The 2027 tax brackets and standard deductions are out now.

They’re higher this year to compensate for inflation.

The IRS says brackets for individuals are up a few hundred to a few thousand dollars.

Those for married couples are double that for most income levels.

The standard deduction for single filers is $500 more at $16,600.

For married couples, the increase is a thousand.

The IRS also is announcing tweaks like a $100 child tax credit bump.