"IRS Unveils Updated Tax Brackets for 2024"

The IRS has announced the new income tax brackets for 2024, which have been adjusted to account for inflation. The brackets have been raised by 5.4%, with seven brackets ranging from 10% to 37% for individual single taxpayers. The dividend tax brackets have also increased. The standard deduction has been raised for married couples filing jointly, and retirement plan contribution limits have been raised as well. Additionally, the maximum amounts for Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) have been indexed higher. Taxpayers should review the IRS announcement for all the details, as there are other changes to various tax categories.