What You Should Know About Tax Bracket Changes for 2024

By Austin DeMoss, Wipfli, LLP

You might have a little extra money in your bank account in 2025 due to the IRS changing the federal income tax brackets for the 2024 tax year to account for inflation, the tax brackets are shifting higher by just over 5%.

The standard deduction is also increasing to $29,200 for married couples filing together, up from $27,700 and $14,600 for single taxpayers, up from $13,850.

There are also changes to the alternative minimum tax estate tax exemption, earned income tax credit and flexible spending account limits among others. Unfortunately, these changes will not impact how you file your taxes in spring 2024, but it is something to look forward to in 2025.

If you have questions about whether you should adjust your withholdings or how these changes will affect your business, please reach out to your tax professional.

This blog post is available on video

2023 Single
2024 Single
2023 Standard
2024 Standard

Austin DeMoss is Senior Manager of state and local tax for ABC of Wisconsin member Wipfli, LLP. His comments are intended as general information and do not constitute any accounting or tax advice. 

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