India, Oct. 9 -- The Internal Revenue Service (IRS) on Thursday, October 9, announced new federal income tax brackets as well as standard deductions for 2026. As per the latest announcement, the income brackets that are used to find out how much taxes Americans are required to pay every year are moving up in 2026.

The newly announced adjustments are for returns that will be filed in early 2027.

Standard deduction, which is claimed by most of the taxpayers in the US, is a fixed amount that is deducted to reduce the taxable income. This helps in lowering an individual's federal tax bill.

Compared to single taxpayers, married couples have the opportunity to claim a higher standard deduction when they file jointly.

As per the latest IRS a...