Florida Legislature debates property tax
A House committee has launched a review of property taxes to examine potential changes that could have a significant impact on local governments.
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The IRS announced in a news release issued Thursday, Oct. 9, that it has announced new federal income tax brackets for 2026.
The update is due to changes in inflation and a new tax law passed over the summer as part of President Donald Trump’s “One, Big, Beautiful Bill.”
This adjustment will be effective starting with the 2026 tax year and will apply to tax returns filed in 2027.
Here’s everything you need to know.
What’s changed?
The standard deduction for tax year 2026 increases to $32,200 for married couples filing jointly. For single and married taxpayers filing separately, the standard deduction increases to $16,100. The standard deduction for heads of household is $24,150, according to the release.
The new tax law for the 2025 tax year increases the standard deduction to $31,500 for married couples filing jointly. For single and married taxpayers filing separately, the standard deduction in 2025 is $15,750. For heads of households, it’s $23,625, according to the IRS.
The agency also released figures regarding long-term capital gain classification, inheritance and gift tax exemptions, and eligibility for earned income tax credits, among other provisions.
People with taxable income over $640,600 and married couples with income over $768,700 will be subject to a top marginal tax rate of 37% for tax year 2026. That tax rate applies only to the portion of your income that exceeds the threshold. (For more information on how marginal tax rates work, visit the nonprofit Tax Foundation.)
The lowest marginal rate is 10% on incomes for singles up to $12,400. The same tax rate applies to the first $24,800 of income a married couple files jointly.
Additional information is available on the IRS website.
How to determine tax classification
To calculate your taxable income, you can subtract the greater of your standard deduction or itemized deductions from your adjusted gross income, according to CNBC. Federal tax brackets tell you how much you should pay on each portion of your “taxable income.”
Michelle Del Rey is a trending news reporter for USA TODAY. Please contact mdelrey@usatoday.com.
