How to track it, 2024 tax year updates, brackets, deductions The average federal income tax refund in 2024 was $3,138 based on IRS data through Dec. 27, down 0.9% from the same period in 2023 ...

New standard deduction for 2025 The standard deduction in 2025 will rise to $30,000 for married couples filing jointly, a roughly 2.7% increase from the current tax year's $29,200.

The One Big Beautiful Bill (“OBBB”), signed by President Trump on July 4, 2025, allows workers (subject to dollar and income limitations) to ...

For heads of households, the standard deduction will be $22,500 for tax year 2025 — up $600 from 2024. About 90% of taxpayers claim the standard deduction now and do not itemize deductions.

The IRS on Tuesday announced new inflation-adjusted tax brackets for the coming year, setting the standard deduction for a single filer at $15,000 and for a married couple at $30,000 for the first ...