U.S. Bank calls out the deduction trap on your taxes
You sit down to file your taxes, click through your software, and accept the standard deduction without giving it a second thought. For years, that shortcut made sense for most filers, and the IRS even made it easier by nearly doubling the amount in 2018. But the tax code shifted under the …
Read MoreHow Inflation Adjustments Are Changing Seniors’ Tax Bills This Year
Nearly every year, regardless of larger legislation like the One Big Beautiful Bill Act, the IRS increases income thresholds on tax brackets. This could change your marginal tax rate, or the highest tax rate you pay on your income. The IRS also typically increases the standard deduction annually, …
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