Thursday, October 31, 2024

Inflation adjustments posted

The Rhode Island Division of Taxation has published the standard deduction amounts, tax bracket ranges, and other key items for Rhode Island Personal Income Tax for tax years beginning on or after January 1, 2025.

The inflation-adjusted amounts apply for Tax Year 2025 and will not appear on tax returns in 2025 covering Tax Year 2024 but are useful to know for tax-planning purposes, as well as for making any needed adjustments to withholding or estimated payments.

Details are available in Advisory 2024-26.