The Internal Revenue Service (IRS) has released the annual inflation adjustments for tax year 2026. The changes are made for over 60 tax provisions, including tax brackets, deductions, and credits. Most of these changes will apply when you file your 2026 tax return in 2027, according to irs.gov

Standard deduction increases

One of the most important changes is the increase in the standard deduction. In 2026, married couples filing jointly can claim a standard deduction of $32,200, which is an increase from $31,500 in 2025. Single tax filers and those married but filing separately can claim $16,100, again an increase from $15,750 last year. Heads of households will see deduction upto $24,150 compared to previous $23,625. Higher standard deductions reduce taxable income, which can help most

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