The 2025 tax filing season is almost here and there are some new tax brackets and standard deductions for the 2024 taxes.

Tax brackets for single individuals:

The IRS is increasing its tax brackets by about 2.75% for both individual and married filers across various income levels in tax year 2025:

Tax brackets for joint filers:

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In 2023, the IRS increased the tax brackets by about 5.4% for both individual and married filers across the different income spectrums. The top tax rate remained 37% in 2024.

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While taxpayers will again see higher standard deductions for 2025, the increases are less than those seen in recent years. In tax adjustments announced last year, for example, the IRS raised single filers' standard deduction by $750 between the 2023 and 2024 tax years -- and by $1,500 and $1,100 for married couples and heads of households, respectively.

The Social Security Administration announced a 2.5% cost-of-living increase for benefits recipients starting in January. That translates to an average jump of more than $50 on monthly checks for millions of people.

Similar to the latest tax deduction figures, the coming COLA adjustment is lower than that seen in the recent past. Social Security recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, then brought on by record 40-year-high inflation. Next year's smaller increase reflects moderating inflation.