The Internal Revenue Service is expected to confirm the precise figures later in the year. Credit: TippaPatt/Shutterstock.

Wolters Kluwer Tax & Accounting has released a report projecting inflation-adjusted figures for the US tax year 2025.  

Using the latest Consumer Price Index data from the US Department of Labor, the report anticipates adjustments to tax brackets, standard deductions, and alternative minimum tax amounts.  

The Internal Revenue Service is expected to confirm the precise figures later in the year. 

Wolters Kluwer’s projections include revised individual tax brackets for various filing statuses, including married taxpayers filing jointly, heads of households, and unmarried taxpayers.  

The forecasted changes account for different taxable income levels, with the potential standard deduction ranging from $15,000 for unmarried individuals to $30,000 for joint filers. 

Significant projected adjustments outlined in the report are increases in individual tax rates and standard deductions.  

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For instance, the top of the 10% tax rate for single taxpayers is expected to rise to $11,925, while the beginning of the top 37% tax bracket is anticipated to start at $626,350. These represent increases of $325 and $17,000, respectively, over 2024. 

The standard deduction is also set to increase, with single taxpayers seeing a rise to $15,000 and joint filers to $30,000, marking increases of $400 and $800 over the previous year.  

Additionally, the estate tax exemption amount is projected to reach $13.99m while the gift tax annual exclusion is expected to increase to $19,000. 

The report highlights that more than 60 provisions in the Tax Code are subject to inflation adjustments.  

Moreover, retirement plan limits are subject to a separate inflation adjustment calculation.  

Wolters Kluwer TAA has recently upgraded its CCH Axcess Audit suite, enhancing professional audit processes with advanced features. 

The newest version of the cloud-based platform aims to enhance efficiency, accuracy, and integration in various auditing functions.