The Economic Times

IRS 2027 tax changes: Millions of Americans could pay less tax as standard deductions rise, income brackets widen and child credits get bigger

The IRS has raised the standard deduction, widened federal income tax brackets and increased key family tax credits for 2027. The changes, announced on November 5, cover nearly 70 provisions of the federal tax code. The standard deduction for single filers will rise to $16,600, while married couples filing jointly will get $33,200. The Child Tax Credit will also increase to $2,300 per qualifying child.