SPECIAL REPORT: The New IRS 2025 Numbers

Income tax brackets, estate taxes, and more. Created for {EMAIL} | [Web Version]( October 31, 2024 FOLLOW US:  [LinkedIn]( [Facebook]( [Instagram]( Kiplinger Today [SIGN UP]( ⋅ [WEBSITE]( [] Top Story [] [New 2025 Income Tax Brackets Are Set]( [New 2025 Income Tax Brackets Are Set]( (Getty Images) New 2025 tax brackets have been announced by the IRS, reflecting upward inflation adjustments to prevent bracket creep. The standard deduction has also been raised, which could reduce taxable income for many. Despite these updates, the looming expiration of the Tax Cuts and Jobs Act (TCJA) could result in increased tax rates after 2025. So, beyond these numbers, [taxpayers should consider future tax planning strategies](. [] Income Tax [] [The Standard Deduction]( Knowing the standard deduction amount for your status can help you determine whether you should plan to itemize or standard deduct next year. These amounts for each filing status are adjusted for inflation every year. So, the standard deduction is higher for 2025 than last year. [Standard Deduction]( [] Taxes [] [The Extra Standard Deduction for People Over 65]( [The Extra Standard Deduction for People Over 65]( (Getty Images) The IRS offers an extra standard deduction for taxpayers aged 65 and older, providing financial relief by reducing taxable income. The deduction varies based on filing status and whether the taxpayer or spouse is blind. This benefit can help retirees manage rising expenses by [lowering their tax burden](. [] Tax Planning [] [Gift Tax Exclusion]( Are you considering giving cash or property to loved ones or others in 2024 or next year, in 2025? Knowing the annual gift tax exclusion can save you money and spare you from filing gift tax returns. [Gift Tax Exclusion]( [] Tax Filing [] [Child Tax Credit]( [Child Tax Credit]( (Getty Images) The IRS has set new amounts for several tax credits. These credits are vital for reducing tax liabilities and increasing refunds for many families. However, the future of [these credits could change based on political developments following the upcoming election](. [] Estate Planning [] [Estate Tax Exemption]( In 2025, the federal estate tax exemption will rise, offering significant tax relief for estates. Yet, the future remains uncertain as the Tax Cuts and Jobs Act may expire in 2026, potentially reducing the exemption to a lower level. [Estate Tax Exemption]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. Our [flagship publications]( include [Kiplinger Personal Finance]( magazine, [The Kiplinger Letter](, [The Kiplinger Tax Letter](, [Kiplinger Retirement Report](, and [Kiplinger Investing for Income.]( All are regarded as the leading publications in their respective fields. Every day, millions of readers rely on our [free e-newsletters]( for help on everything from getting the best rate on a mortgage or car loan, to managing their businesses in an uncertain world, avoiding an IRS audit, building wealth for a secure retirement, or investing wisely in any kind of market. [Sign up to explore more newsletters](. Now it’s your turn to reap all the rewards Kiplinger has to offer. Visit [Kiplinger.com](, your gateway to all of the above and much more. Check in any time for our latest advice on how to make more money, and keep more of the money you make. Stay right on the money, with Kiplinger. [Kiplinger]( [Sign Up]( | [Print Publications]( | [Unsubscribe]( [Privacy Policy]( | [Cookies Policy]( | [Terms and Conditions]( CONTACT US: [FEEDBACK](mailto:kiplingertoday@smartbrief.com) | [ADVERTISE]( [Future]( Future US LLC © Full 7th Floor, 130 West 42nd Street, New York, NY, 10036