( ) -q-27- UNDATED (Correspondent Jeremy House) “the year prior.” U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns. [CutID: <Cuts> STANDARD-DEDUCTIONS-house-q-WEDam.mp3 Time: 27s Title: STANDARD-DEDUCTIONS-house-q-WEDam Out-cue: the year prior] TAG: Correspondent Jeremy House reporting. The IRS makes such adjustments for […]
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Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
( ) -q-27- UNDATED (Correspondent Jeremy House) “the year prior.”
U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns.
[CutID: <Cuts> STANDARD-DEDUCTIONS-house-q-WEDam.mp3
Time: 27s
Title: STANDARD-DEDUCTIONS-house-q-WEDam
Out-cue: the year prior]
TAG: Correspondent Jeremy House reporting. The IRS makes such adjustments for each tax year to account for inflation, which has recently been on a downward trend. But Americans are still feeling some key price pressures.
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VERBATIM: The Internal Revenue Service detailed the increases in its annual inflation adjustments. For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024. And for couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior.