What are the key tax changes for individuals in 2024?.

In 2024, several key tax changes will affect individual taxpayers:

• Adjusted Tax Brackets: The income thresholds for tax brackets have been increased due to inflation adjustments, meaning many taxpayers may fall into lower tax brackets than before.
• Standard Deduction Increase: The standard deduction has been raised, providing taxpayers with a higher amount that can be deducted from their taxable income.
• Child Tax Credit Changes: The Child Tax Credit has been modified, with eligibility and amounts being adjusted to support families better.
• Retirement Contribution Limits: Increases to the contribution limits for retirement accounts, allowing individuals to save more for retirement while reducing their taxable income.

These changes aim to reflect the economic situation and provide relief to individuals as costs of living continue to rise.