Changes to the tax code 2024 were recently announced by the IRS.
The IRS recently announced the changes to the tax codes for 2024. (Photo: Forbes)
The Changes Of Tax Code 2024
The IRS recently announced changes to the tax code 2024. These changes to the tax code 2024 include increases to federal income tax brackets and the standard deduction.
These changes to the tax code 2024 are in response to high inflation. The said changes to the tax code 2024 could also affect the amount of taxes withheld from your paycheck.
The purpose of these changes to the tax code 2024 is to prevent taxpayers from being pushed into higher tax brackets due to inflation. Due to the changes to the tax code 2024, if your income remains the same, you may bring home slightly more money each payday because of the lower tax bracket you’ll fall into.
However, aside from the changes to the tax code 2024, it’s important to note that inflation is still affecting the cost of living, so any increase in take-home pay may still be offset by higher prices for essentials like housing, gas, and food.
According to a published article by CNET, other changes, aside from the changes to the tax code 2024, include a cost-of-living adjustment for Social Security recipients and an increase in SSI payments.
New Tax Brackets For 2024
In a published article by CBS News, the IRS will soon announce new tax brackets for 2024, which could potentially provide a tax break for some taxpayers. The new brackets are adjusted annually based on the consumer price index.
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