Last week, the Internal Revenue Service released the annual inflation adjustments for over 60 tax provisions for the 2024 tax year, covering tax rate schedules and other changes. Key adjustments for the 2024 tax year include an increased standard deduction for married couples filing jointly at $29,200, up by $1,500 from 2023. Additionally, the Earned Income Tax Credit (EITC) reaches a maximum amount of $7,830 for qualifying taxpayers with three or more qualifying children. Certain items, such as the personal exemption and itemized deduction limitations, remain unchanged, following the Tax Cuts and Jobs Act provisions.
If you would like to read more, please visit: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024