For a full breakdown of 2024’s tax brackets and more changes to things like contribution limits, health savings accounts (HSA), Medicare premiums, and more, check out the link here: 2024 Annual Limits.
The IRS has announced the official tax brackets for 2024. To adjust for inflation, they have widened all of the brackets, meaning you may have more money in your pocket next year. Here’s a breakdown of what the IRS did:
In summary, these changes aim to ensure that people don’t pay more taxes just because prices have gone up. It’s all about adjusting to the cost of living, so your taxes are more in line with what you can afford.
Sources
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