Most taxpayers received good news -without even knowing it - when the 2026 tax brackets were announced. The standard deduction rate was also announced.
Many do not realize that the IRS DOES change the brackets to adjust or cost of living and/or inflation.
The standard deduction increases to $32,200 for married couples and $16,100 for single taxpayers. This is huge...most taxpayers will opt for the standard deduction and lower the tax burden and simplify filing.
Taxpayers 65+ MAY qualify for additional deductions of up to $6,000.
Each tax bracket will increase as well so many will be in a lower tax bracket than previous years. True, some of the changes are smallish...but every bit helps!!
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