AP Business Writer
NEW YORK (AP) — U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns. The Internal Revenue Service detailed the increases in its annual inflation adjustments. For single taxpayers and married individuals filing separately in tax year 2025, the standard deduction is rising to $15,000 — up $400 from 2024. And for couples who file jointly, that standard deduction will be $30,000 for 2025, an $800 jump from the year prior. The IRS makes such adjustments for each tax year to account for inflation, which has recently been on a downward trend. But Americans are still feeling some key price pressures.
