Kelly Phillips Erb is a Forbes senior writer who covers tax. Author’s note: The standard deduction amounts, state and local tax (SALT) caps, and maximum amount of the child tax credit have been ...

There are no new credits or deductions available for this filing season. However, the IRS has made its annual inflation adjustments for more than 60 tax provisions, including tax rate schedules and ...

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

Indexing provides the benefit of preventing tax rate increases that result purely from inflation, as taxpayers’ escalating income levels push them into higher tax brackets. It also ensures that the ...