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Inflation Causes IRS to Raise Tax Brackets, Standard Deduction by 5.4%

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Adjustments for key numbers for income, gift and estate taxes give taxpayers some planning opportunities

Your tax bill may be slightly lower next year due to inflation adjustments. Photo: iStock

Here’s an upside to persistent inflation: More of your income will be taxed at lower rates next year.

The Internal Revenue Service announced its annual inflation adjustments to federal income-tax brackets for 2024 Thursday, an increase that slightly outpaces the current inflation rate. This means some Americans will pay less in taxes, said Jim Young, an accounting professor at Northern Illinois University.

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