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IRS adjusts tax rate and deduction levels for 2015

Most-common-tax-deductions [1]For tax year 2015, the Internal Revenue Service recently announced annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes.

A list of the more significant items that are increased for 2015 includes:

Details on these inflation adjustments and others not listed in this release can be found in Revenue Procedure 2014-61 [2], which will be published in Internal Revenue Bulletin 2014-47 on Nov. 17, 2013. The pension limitations for 2015 [3] were announced on Oct. 23, 2014.