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Tax brackets
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Because inflation has changed a few things.
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The IRS on Thursday announced higher federal income tax brackets and standard deductions for 2024. Here's what taxpayers need to know.
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💡 Wondering how the 2024 income tax brackets could impact your small business? The tax landscape for small businesses changes constantly. Every year, it seems like there’s a new report to fill out, a new deduction to take, or a new rule that prevents you from getting that tax break you’ve always counted on. Tax season is upon us again, so it’s time to make tax planning a priority for your small business. Stay informed and plan to navigate tax season smoothly with our #TaxSeason guide.
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The Internal Revenue Service announced Wednesday higher federal income tax brackets and standard deductions for next year, which will be a welcomed cost of living adjustment for many Americans.
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The IRS has released higher federal tax brackets and standard deductions for 2023 to adjust for inflation. Here's what filers need to know.
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The new income thresholds have been bumped by more than 5%.
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Here's a breakdown of income and rates for next year.
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Although IRS Publication 17, Your Federal Income Tax, and IRS Publication 970, Tax Benefits for Education, won’t be updated until 2021, the IRS usually publishes the updated federal income tax brackets and income phase-outs in a Revenue Procedure in late October or early November.
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Check out 2024 vs. 2025 IRS tax brackets to see if you fall into a lower bracket, which could lower your federal income tax bill next year.
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