IRS updates tax brackets, standard deduction for 2027 tax year

Tax season hasn’t begun yet, but it is never too early to start planning. The IRS has published its 2027 tax brackets and standard deductions.Read more trending newsNerdwallet said the inflation adjustments for tax year 2027, which will be filed in 2028, are 3.2%, larger than the past two years. The publication suggests that the adjustments will mean that some people will see lower tax bills in 2028.“American individuals and businesses will see increased tax benefits next tax year ranging from an increase in the standard deduction and the Child Tax Credit for families, and a boost to the amount that can be expensed by businesses,” IRS CEO Frank Bisignano said, according to Fox Business.The standard deduction for a married couple filing jointly increases to $33,200, or up $1,000 for this tax year, Barron’s reported.For single taxpayers or those who are married but are filing separately, the standard deduction will be $16,600. Head of household filers will have a standard deduction of $2