Tax Brackets 2024 And Standard Deduction. Each year, the irs adjusts the standard deduction, tax brackets, and other tax breaks to compensate for inflation. The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025.

The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025. There are seven federal tax brackets for tax year 2024.