IRS raising federal tax brackets

October 22, 2024 at 10:59 am EDT

Any state may participate in the program. — Direct File to expand FILE PHOTO: The IRS will expand the Direct File Program next year. The program – which allows taxpayers making less than $200,000 to file their returns for free – was rolled out in 12 states. (Scott Olson/Getty Images)

October 22, 2024 at 10:59 am EDT

The IRS is raising federal tax brackets for 2025 to adjust for inflation.

The standard deduction for married couples filing together will increase to $30,000 and $15,000 for single taxpayers.

In announcing the change Tuesday, the agency noted it applies to tax year 2025 for returns filed in 2026.

There are also changes to dozens of other categories including long term capital gains, gift tax exemption and the child tax credit. You can check out the full list at irs.gov website.

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IRS raising federal tax brackets