There may be some changes to your 2025 taxes.
“This week, we announced 2025 inflation adjustments for approximately 60 tax provisions. The main ones that will affect most people are the standard deduction and tax brackets,” IRS spokesperson Rafael Turino said. said.
Turino told KSBY community reporter Carson Wells that the IRS does this every year to keep up with inflation.
“It's basically in line with that, so the conditions are comparable to what we typically see in the consumer world, such as CPI inflation,” Turino said.
Some of the changes that may affect you are:
For single and married taxpayers filing separately for the 2025 tax year, the standard deduction increases to $15,000 in 2025, an increase of $400 over 2024. For married couples filing jointly, the standard deduction increases to $30,000, an $800 increase starting in the 2024 tax year. .
Some San Luis Obispo residents say they're fine with the changes as long as they don't lose more money.
“I don't have to have money deducted from my check anymore,” said one person.
Another added: “I know my basic deduction has been raised because I've never had any problems, but I still itemize but it's not the difference it used to be.” .
In most cases, everyone will be affected, Turino said, but it's likely you won't see any major changes.
“Whether or not the 2025 inflation adjustment for all taxpayers will benefit you will depend on your circumstances. In most cases, it will benefit you because you get more and make a little more.” The bottom line is that these inflation adjustments are for all taxpayers,'' Turino said.
These inflation adjustments will take effect starting with the 2025 tax year.
If you would like to learn more about what changes to expect, please visit click here.
