What Is New In Taxes For 2024 Tax Year. The irs is changing over 60 tax provisions for the 2024 tax year, including a 5% increase to the standard deduction, due to inflation. For 2024, the seven federal income tax rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
Tax year 2023 will come to a close in at year. You pay tax as a percentage of your income in layers called tax brackets.