IRS Alerts Americans to Major Change: ACTUAL Good News

several days ago right before the weekend the IRS released a new statement which actually contains some good news given the fact that Americans will be saving hundreds or even potentially thousands of dollars on their taxes this upcoming year which is great and it's just in time for the approaching Thanksgiving which free reference is set to be the most expensive meal in the history of the holiday and that is of course on top of all the other inflation related costs that Americans are shouldering regardless of that though let's break down exactly what the statement from the IRS actually said to start with as they do pretty much every single year the IRS disclose their annual inflation adjustments that's because as inflation increases and the value of the money in our pockets decreases the IRS makes yearly adjustments to accommodate for that change quote the IRS adjusts tax rates each year to take into account the higher cost of living in their recent announcement the IRS revealed how a string of new annual inflation adjustments will impact the 2024 tax year potentially bringing a boost to your paycheck and so this year the annual inflation adust adjustment in total it will affect over 60 different tax related Provisions including the standard deduction now the standard deduction is something that probably most people watching this video use it's the deduction for people who don't itemize their taxes and basically in plain English it's the amount of money that you can earn before you have to start handing money over to the government in the form of taxes and so last year in 2023 the standard deduction for a married couple filing jointly was $27,700 that meant that the first 27,000 $700 that you earned in a given year you don't have to pay taxes on your taxes only start after that $27,700 Mark however this upcoming year the standard deduction has actually been increased quote under the irs's newly announced annual inflation adjustments the standard deduction for married couples filing jointly in 2024 is 29,200 up 15500 or 5.4% from the prior year for single taxers and married individuals filing separately the standard deduction Rises to 14,600 for 2024 up $750 for heads of households the standard deduction will be $21,900 for the tax year 2024 up $1,100 from 2023 marking a 5.4% increase now that one change by itself will save most taxpayers several hundred however fortunately it actually gets better with the introduction of several new changes to the tax bracket system now to give you a bit of context here the American tax system works on what's known as a step up basis with different marginal tax rates for different portions of your income to explain it in simple terms let's say that you are a married couple who earned $150,000 last year good for you after applying all of your deductions such as the standard deduction that we mentioned earlier you're left with about $122,000 in taxable income income that you have to pay taxes on and so the way that the tax bracket system works is that you're going to pay different rates on in terms of taxes on different portions of your money and so this is what it looked like last year if you're married filing jointly on the first $22,000 of your taxable income you would pay 10% in taxes then from $22,000 up until just over $889,000 you would pay 12% in taxes on that portion and then for anything over $89,400 up until $190,000 you would pay 22% in taxes on that portion and so in this specific example this couple would pay in total about $17,500 in taxes in the year 2023 that is of course based on last year's brackets and of course I should mention there are different brackets for different situations such as married filing separately heads of household people who are single and so on all those numbers by the way up on your screen are from last year however this notice just released from the IRS well the government has adjusted these tax brackets to accommodate the fact that inflation has well eaten away of the purchasing power of our money quote while the tax rates in percentage terms remain unchanged for the tax year 2024 the income limits at which they kick in have been changed overall the income limits for the seven tax brackets have been raised by 5.4% for the 202 4 tax year compared to the last year and so let me show you what this change looks like in practice using that earlier example of a couple who filed their taxes married filing jointly and earned $150,000 in income next year they'll be able to use that larger standard deduction and so their taxable income is actually a little bit less and then all of the income brackets that they fall into also get higher with the end result being that this couple will pay about $ 6,682 in taxes which if you do the math is effectively close to $1,000 less than last year and then just for your general reference if you want to pause this video right now and screenshot these up on your screen are all the income brackets for the different filing scenarios for the upcoming year the ones you're seeing on screen right now are the ones that will be applicable next year in 2024 and then furthermore outside of these tax brackets the inflation adjustment has also had the effect of increasing the Earned Income Tax Credit quote the IRS has raised the maximum amount for households who claim the Earned Income Tax Credit otherwise known as the eitc to 7,8 $30 for the tax year 2024 for individuals who have at least three qualifying children in the tax year 2023 meaning the previous year this was $ 7,430 now it is worth mentioning here that the Earned Income Tax Credit it actually differs based on the number of children that a couple has but regardless overall it's received a 5% bump and so these are the three main changes that the IRS has announced a higher standard deduction higher income tax brackets as well as a larger Earned Income Tax Credit meaning that you can save several 100 or perhaps even several thousand doll depending on how much you earn which of course sounds great until you consider the fact that according to even the conservative estimates the current rate of inflation is causing American families to spend about $700 more per month than they did two years ago that means if you do the math that the average family will have spent about $88,000 more this year due to inflation than they did two years ago but hey at least we can all save several hundred bucks in our taxes if you'd like to go deeper into the statement that the IRS put out would just for your reference it contains a lot of other changes that we didn't mention just because they're not so common but if you want to go through the full list of changes I'll throw the link to the IRS announcement and all the different changes it'll be down in the description box below which I should mention is that description box that's right below those like And subscribe buttons both of which I hope you take a super quick moment to smash so that this information can reach ever more people via the YouTube algorithm now speaking generally of money let me quickly introduce today sponsor by showing you this little piece of money or rather I should say that this is fake money being printed into Oblivion by those Geniuses over in Washington in DC and so before they completely obliterate your life savings what I recommend you do is to convert that fake money into real money which is physical gold and silver and the best company to use is the sponsor of today's episode American Hartford gold who also happens to be my own personal gold and silver bullion dealer they have thousands of other five-star ratings across the country they have an A+ rating with a Better Business Bureau they ship quickly directly to your doorstep their product listings are awesome they're stacked with great options of gold and silver bullion and coins and they have amazing customer service when you pick up the phone and call them them you feel good knowing you support a company that supports the truth getting out into the wider American audience and so calling them up is a no-brainer but best of all if you tell them that Roman sent you they will throw in up to $5,000 worth of free silver with your first purchase it's 866 24223 52 or you can simply text the word Roman r o m an Roman to 65532 of course all their details will be down in the description box below and now let's head on back to the studio and then lastly if you are enjoying this episode and you're thinking to yourself man I Roman would create a fulllength documentary well you're in luck because I did my team and I flew around the world in order to expose the devastating effects that the implementation of the United Nations agenda 2030 is having on the world's Farmers here's a trailer food prices are skyrocketing around the world and if you listen to world leaders they'll tell you it's due to climate change climate change is the biggest threat for the human beings and their solution might surprise you there are 1,900 edible insects species on the planet the European commission has officially declared mealor worms to be food yes this is to food the people in charge have determined that by switching our diets to crickets ants and mealworms we'll be able to stop temperatures from rising lower the price of food and possibly to even Save the Planet it's never about Innovation it's always about getting rid of farmers Agenda 21 was meant to be the agenda for the 21st century some of the goals sound nice ending hunger who could possibly be against ending hunger it requires total power from the state I think it's just game a lot of this came about early '70s Clean Water Act Clean Air Act which were good things but it's been abused from what the original tent is no maybe not there not a farm anymore no there's also not a farm anymore so all these people shut down because of the government policies yeah I'm the sixth generation of farmer yeah I'm the fourth generation how many years have they owned this plate and 40 years I think we'd lost generation they're shutting down the small and middle-sized family run Farms we either own property or we are property I don't think we can trust the government anymore because they want the land and our founding fathers understood that the land would be distributed among the people so they could always control their government right now things have uh triple as far as cost I think you're going to see across the board higher food prices has anybody been held accountable more for screwing up no as every communist Tire into the last 100 years has understood if you control the food you control the people everything is falling apart yeah D short of food we're heading for a world food crisis as we hear all the time do you see any hope for the situation yeah we have to continue fighting for it no Farmers no food they will know it if You' like to check out that awesome documentary you can find it over on Epic TV our awesome no censorship video platform I'll throw the link to it it'll be right there at the top of the description box below and so if you're looking to spend some of that money you're about to save on taxes well you can click on that link subscribe to The Epic Times and check out not only that documentary but a plethora of other great content down there there's tons of documentaries there's great shows there's premium articles infographics there's tons of stuff over on The Epic Times website that will well keep you occupied and keep you informed well into the coming year I think you'll love it the link again will be down there in the description box below after you subscribe you can just watch the documentary and you can cancel your subscription but I'm sure that you won't I'm sure that after you watch the documentary you'll find a ton of other great content to love and you'll be a subscriber for a long long long time to come again that link is right there at the top of the description box below I hope you clicking it and I hope that you join us over on The Epic Times website and then until next time I'm your host Roman from The Epic Times stay informed most importantly Stay [Music] Free