The IRS will soon set its new 2025 tax brackets. Here's the impact on your money.
CBSN
Some Americans could see lower federal income taxes in 2025 due to an annual bracket adjustment by the IRS. On the down side, this relief could be more modest than over the past two years.
The IRS typically announces its new tax brackets each fall, but experts are already forecasting next year's adjustments by crunching the same inflation data the tax agency uses in its annual resets.
Tax brackets and other provisions are likely to be adjusted higher by 2.8% for the 2025 tax year, according to Bloomberg Tax and financial information services provider Wolters Kluwer, which both published their forecasts earlier this month. That would mark the smallest inflation adjustment in at least three years, following a 5.4% increase in 2024 and a 7.1% boost in 2023.
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