Internal Revenue Service (IRS)

The Internal Revenue Service (IRS) annually adjusts federal income tax bracket thresholds for inflation and typically announces those inflation adjustments in October or November to prevent 'bracket creep' that can push taxpayers into higher tax brackets.

For tax year 2026, the Internal Revenue Service set the standard deduction at $32,200 for married couples filing jointly, $24,150 for heads of household, and $16,100 for single taxpayers and married individuals.

For tax year 2026, a single filer with $50,000 of taxable income would be subject to a 12% federal income tax rate, compared with a 22% rate at the same income level in tax year 2025.

The Internal Revenue Service set revised standard deduction amounts at $31,500 for married couples filing jointly, $15,750 for single filers, and $23,625 for heads of household for the 2025 tax year, and set the standard deduction amounts at $32,200 for married couples filing jointly, $16,100 for single filers, and $24,150 for heads of household for the 2026 tax year.

The federal estate tax exclusion amount for the 2026 tax year is $15,000,000.

The U.S. Internal Revenue Service (IRS) has the authority to revoke tax-exempt status from nonprofit organizations that fail to operate primarily for charitable purposes or that misuse charitable funds.

For the 2025 tax year, a new federal tax deduction of $6,000 is available for taxpayers aged 65 and older, couples where both spouses qualify can claim up to $12,000 total, and the deduction phases out for taxpayers with modified adjusted gross income above $75,000 for single filers and $150,000 for joint filers.

Beginning with the 2025 tax year, federal income tax does not apply to cash and electronic tips received by employees, with a maximum annual exclusion of $25,000, although tip income must still be reported for Social Security and Medicare purposes.