[Trailer] IRS Alerts Americans to Major Change: Actual Good News | Facts Matter

Right before the weekend, the Internal Revenue Service (IRS) released a new statement that contained some good news, given the fact that Americans will be saving hundreds, or even thousands of dollars on their taxes this upcoming year. The IRS disclosed its annual inflation adjustments, as it does every year. As inflation increases and the value of the money in our pockets decreases, the IRS makes yearly adjustments to accommodate for that change: “The IRS adjusts tax rates each year to take into account the higher cost of living… [In their recent announcement, the IRS revealed how] a string of new annual inflation adjustments will impact the 2024 tax year, potentially bringing a boost to your paycheck.” This year, the annual inflation adjustment will affect over 60 different tax provisions, including the standard deduction. It’s the deduction for people who don’t itemize their taxes, and basically, it’s the amount of money that you can earn before you have to start handing over money to the government in the form of taxes. Last year, the standard deduction for a married couple filing jointly was $27,700. That meant that you didn’t have to pay taxes on the first $27,700 that you earned in the year. Your taxes only start after the $27,700 mark. ---- Views expressed in this video are opinions of the host and the guest, and do not necessarily reflect the views of The Epoch Times.