Key Points The Internal Revenue Service adjusts tax brackets higher to ensure that inflation doesn't accidentally push workers into higher brackets. President Donald Trump's large spending bill passed by Congress earlier this year also made changes to the tax code. Specifically, the standard deduction and the state and local tax deduction will change. The $23,760 Social Security bonus most retirees completely overlook › As the famous saying goes, there are only two certainties in life: death and ...

According to an IRS news release, the IRS has penalized American taxpayers over $162 million for falsely claiming tax credits, which they often learned about online. Over the last few years, it’s especially become common to fall for misleading tax advice shared by social media influencers and scammers, so fact-checking is crucial to avoid surprise bills and potential legal trouble. Read This: Here’s How to Avoid a Huge Tax Bill After a Successful Side Gig For You: 10 Used Cars That Will Last Longer Than th ...

The income brackets that determine how much Americans pay in taxes each year are moving up for 2026, with a bigger bump for the lowest brackets because of this year’s new tax law.Here are some of the key changes: 🔗 https://t.co/FezHI0zk8w https://t.co/kT3J2z20NH ...

The IRS released 2026 tax brackets—here’s how understanding your bracket can help you save with smart retirement and Roth conversion strategies. https://t.co/X64lbbfm0d ...

Core Points - The IRS released important tax-planning numbers for 2026 despite a partial government shutdown, providing insights into the tax situation for Americans [1][2] - The new tax brackets and standard deduction values reflect adjustments due to inflation and changes from the Trump tax bill, with brackets adjusted approximately 2% higher for 2026 [3][4] - The One Big Beautiful Bill Act (OBBBA) maintains current tax rates, preventing a tax hike for nearly two-thirds of taxpayers, and makes permanent the income-tax brackets established by the Tax Cuts and Jobs Act [4][6] Tax Brackets and Deductions - The U.S. has a progressive tax system where individuals are taxed at increasing rates as their income rises, with only the income within a higher bracket being taxed at that rate [5] - The OBBBA introduces an additional inflation adjustment for the 10% and 12% tax brackets starting in 2026, which is expected to have a modest impact on tax bills [6][7] - The cost of the extra inflation adjustment is projected to add approximately $24 billion to the federal deficit over a decade, while extending current marginal tax rates is estimated to add $3.1 trillion to the deficit [7] Broader Implications - The OBBBA affects more than just tax brackets and rates; it also impacts deductions and tax credits, which play a significant role in reducing taxable income and tax liability [8]

Core Points - The IRS announced inflation adjustments for the 2026 tax brackets and provisions of the tax code [1] - The standard deduction for individuals will increase to $16,100 and for married couples filing jointly to $32,200 [1] - The additional standard deduction for seniors aged 65 and over is set at $1,650 for each married spouse and $2,050 for single taxpayers [2] Tax Rates and Exemptions - The top marginal tax rate remains at 37% for individual taxpayers with incomes over $640,600 and $768,700 for married couples filing jointly [3] - The exemption amount for the alternative minimum tax is $90,100 for single filers and $140,200 for married couples filing jointly [3] - The estate tax exclusion for 2026 will be $15 million, an increase from $13.99 million [4] Other Provisions - The annual gift tax exclusion remains unchanged at $19,000 per recipient [4] - The maximum contribution to flexible spending accounts will increase to $3,400, up from $3,300 [4] - The tax rates for various income brackets are detailed, with the lowest rate at 10% for incomes of $12,400 or less for single individuals [4]

Tax Projections for 2026 - Projections for the 2026 tax year include tax brackets [1] - Projections for the 2026 tax year include penalties for late returns [1] - Projections for the 2026 tax year include penalties for missed forms [1]

Tax Brackets and Rates - Projected 2026 tax brackets and rates are available [1] Deductions - Projected 2026 deductions information is available [1] Resources - Additional information can be found at the provided URLs [1]

Projections for the 2026 tax year include not only tax brackets, but penalties for late returns and missed forms. Here’s a look at what you need to know. https://t.co/C72nAaW55J https://t.co/zWB648ybCE ...

Projections for the 2026 tax year include not only tax brackets, but penalties for late returns and missed forms. Here’s a look at what you need to know. https://t.co/SGHF4S98Z3 https://t.co/agZ62jnKSK ...