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Hãy viết đoạn tóm tắt về nội dung bằng tiếng việt kích thích người mua: 2024 IRS Tax Changes May Make Your Paycheck Bigger Next Year

The IRS announced key tax code changes on Thursday, including increases to 2024 federal income tax brackets and the standard deduction. This move was in response to sticky inflation, which has kept prices high all year. These changes will apply to your 2024 taxes, which you’ll file in 2025 — and could affect the amount of taxes that are withheld from your paycheck.

The IRS typically makes tax code changes every year to account for inflation. This also helps prevent “tax bracket creep,” which could push you into a higher tax bracket, despite inflation eating into your wages. So, even if you make more money in 2024, factoring inflation into the tax code could prevent you from being pushed into a higher tax bracket — and may even bring you down to a lower bracket. If your income remains the same from 2023 to 2024, you might actually find yourself bringing home slightly more each payday. Here’s why.

How tax code changes could affect your payday

When the IRS raises federal income tax brackets, you might fall into a lower tax bracket than you did the year before — particularly if your income has stayed the same. 

For example, if you made $45,000 in 2023, you would have fallen into the 22% tax bracket for that tax year. But if your income remains at $45,000 in 2024, you’ll drop down to the 12% bracket. That means you’ll be on the hook for less federal tax next year and will have less money withdrawn from your paycheck.

If you make more in 2024 than you did in 2023, the amount your pay has increased will determine where you fall. It’s possible you’ll still fall into a lower tax bracket, based on the new changes. But you may remain in the same bracket or move up to a higher one.

In either scenario, it’s important to understand that since inflation is still lingering, you’re likely feeling the sting of high prices in different ways. So, even if you drop into a lower tax bracket and take home a slightly bigger paycheck next year, it’s likely inflation is already eating into the amount you pay for housing, gas, food or other essentials. 

What are the 2024 income tax brackets?

Your federal income tax bracket helps determine how much you’ll pay in taxes for a given tax year, excluding the standard deduction or any itemized tax deductions. 

2024 income tax brackets for single filers:

2024 income tax brackets for filers who are married, filing jointly:

2024 income tax brackets for head of household filers:

How much did the standard deduction increase?

For 2024, the standard tax deduction for single filers has been raised to $14,600, a $750 increase from 2023. For those married and filing jointly, the standard deduction has been raised to $29,200, up $1,500 from the previous year.

Source for all charts: 

Most taxpayers with simple tax returns claim the standard deduction, which reduces their taxable income. If you receive your wages solely from an employer as a W-2 employee, the standard deduction is usually the best way to maximize your tax refund. If you’re self-employed or have specific deductions you’d like to claim, you’ll itemize your deductions instead.

Other 2024 tax changes that may benefit you

There are other tax changes happening next year that could put more money in your paycheck. If you collect Social Security, you’ll receive a 3.2% cost-of-living-adjustment in 2024. And since the first of January falls on a holiday, you can expect to receive your first increased SSI payment at the end of December.

The IRS also announced a series of other increases to popular tax credits and deductions for 2024, including a higher maximum for the Earned Income Tax Credit, adjustments to the gift tax exclusion and an increase to the foreign earned income exclusion.

We’ll keep you updated as new tax changes are announced.

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