The IRS has announced inflation adjustments for 2025. The 2025 standard deduction for single taxpayers and married individuals filing separately will be $15,000, an increase of $400 from 2024. For married joint filers, it will be $30,000, an increase of $800 from 2024. For heads of households, the standard deduction will be $22,500, an increase of $600 from 2024. For 2025, the alternative minimum tax exemption amount for unmarried individuals will increase to $88,100 ($68,650 for married filing separately) and begin to phase out at $626,350. For married joint filers, the exemption will increase to $137,000 and begin to phase out at $1,252,700. For more details: https://bit.ly/3BRotmN
