Individual Tax Changes

The tax rate structure, which ranges from 10 to 37 percent, remains similar to 2021; however, the tax-bracket thresholds increase for each filing status. Standard deductions also rise, and as a reminder, personal exemptions have been eliminated through tax year 2025. Standard Deduction The standard deduction increases to $12,950 for individuals (up from $12,550 in […]

User | 16/01/2022