00:00Some taxpayers could get a little more breathing room as the IRS unveils new inflation-adjusted tax breaks for 2027.
00:08The standard deduction for single filers will rise to $16,600, while married couples filing jointly will be able to
00:16deduct $33,200.
00:18Families are also getting a boost, with the maximum child tax credit increasing to $2,300 per child.
00:25The adjustments are designed to prevent inflation from pushing Americans into higher tax brackets, even when their purchasing power hasn't
00:33improved.
00:34But there's a catch. Several other popular tax breaks, including deductions for tips and overtime, aren't increasing with inflation.
00:42The changes apply to income earned in 2027, meaning taxpayers will see them reflected on returns filed in 2028.
