The IRS adjusts more than 60 tax provisions each year for inflation
After scorching hot inflation pushed income tax brackets and a widely-used tax deduction to their largest single-year increase in decades during 2023, another round of sizable adjustments are coming next year.The ranges on income tax brackets increased by approximately 5.4% for 2024 returns, numbers from the the Internal Revenue Service showed Thursday.
Each year, the IRS adjusts tax brackets, the standard deduction and approximately 60 other tax provisions that are designed to adjust higher for inflation. A smaller tax bill may sound appealing, but it also means their wages were stagnant year over year. If a person’s income rises around the same rate as the inflation adjustments and they have no major tax events — like the birth of a child or a home sale — their tax situation should stay around the same.
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