Every year there is a basic personal amount, which is the amount of income you can make tax free. It increases over time to account for inflation.
This year, there have been some changes regarding this amount. The amount is still increasing by about $1,000. However, this increase will not apply to everyone. Over the second highest tax bracket, the increase will begin to be phased out. It will be completely phased out by the highest tax bracket. Therefore, if you are in the highest tax bracket, your basic personal amount will remain the same as last year.
Check out our video on this topic for exact numbers and a full breakdown! Be sure to subscribe to our channel for more weekly tax tips & information!