The IRS raised the standard tax deduction for 2027 to $16,600 for single taxpayers and $33,200 for married couples, Fox Business reports. The maximum child tax credit has been increased to $2,300, and the tax-free gift limit has been increased to $20,000.

The IRS raised the standard tax deduction for 2027 to $16,600 for single taxpayers and $33,200 for married couples, Fox Business reports. The maximum child tax credit has been increased to $2,300, and the tax-free gift limit has been increased to $20,000.