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

Facts Matter

The Epoch Times

News, Politics, News Commentary

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🗓️ 14 November 2023

⏱️ 11 minutes

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Summary

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. 🇺🇸 Epoch Times 25¢ Sale: https://ept.ms/RomanSale1

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.

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Transcript

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0:00.0	Several days ago, right before the weekend, the IRS released a new statement, which actually
0:16.8	contained some good news, given the fact that Americans will be saving hundreds or even
0:21.1	potentially thousands of dollars on their taxes this upcoming year.
0:24.7	Which is great, and it's just in time for the approaching things given.
0:27.9	Each free reference is set to be the most expensive meal in the history of the holiday.
0:31.7	And that is, of course, on top of all the other inflation-related costs that Americans
0:35.9	are shouldering.
0:37.0	Regardless of that, though, let's break down exactly what the statement from the IRS
0:40.7	actually said.
0:48.1	To start with, as they do pretty much every single year, the IRS disclosed their annual
0:52.3	inflation adjustments.
0:53.9	That's because as inflation increases and the value of the money in our pockets decreases,
0:58.1	the IRS makes yearly adjustments to accommodate for that change.
1:01.4	Quote, the IRS adjust tax rates each year to take into account the higher cost of living.
1:06.3	In their recent announcement, the IRS revealed how a string of new annual inflation adjustments
1:10.7	will impact the 2024 tax year, potentially bringing a boost to your paycheck.
1:15.5	And so this year, the annual inflation adjustment, in total, it will affect over 60 different
1:21.0	tax-related provisions, including the standard deduction.
1:24.4	Now, the standard deduction is something that probably most people watching this video
1:27.5	use.
1:28.5	It's the deduction for people who don't itemize their taxes.
1:31.7	And basically, in plain English, it's the amount of money that you can earn before you
	...

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