Taxpayers can expect larger refunds this year due to higher standard deduction
wcpo.com — February 4, 2025, 08:00 PM UTC
A new report from Experian indicates that many taxpayers will receive larger refunds this year compared to last. The average married couple filing jointly in the 22 percent tax bracket may see an increase of $300 to $400. The increase is attributed to a higher standard deduction, which has risen from $27,700 last year. This adjustment helps lower taxable income, resulting in bigger refunds for many. Tax season is now underway, and experts are advising taxpayers to seek assistance to navigate these changes. The adjustments are part of annual updates to tax brackets and deductions to account for inflation.