IRS announces 2027 tax brackets, higher standard deductions, child tax credits

Millions of Americans could see changes to their federal income taxes in 2027 as the IRS adjusts tax brackets, standard deductions and dozens of other tax provisions to account for inflation.The IRS announced the changes Nov. 5, outlining inflation adjustments to nearly 70 tax provisions. The updated amounts will generally apply to income earned in 2027, with taxpayers filing their returns in 2028.Among the biggest changes are higher standard deductions, an increase in the child tax credit and adjustments to federal income tax brackets. The changes could reduce taxable income or tax liability for some households, depending on their earnings, filing status and eligibility for tax benefits.The adjustments also reflect provisions of the Working Families Tax Cuts, including changes affecting families and businesses.“Hardworking American taxpayers will continue to benefit from the Working Families Tax Cuts (WFTC) and will see WFTC credits and deductions increase with this adjustment,” said