IRS releases 2027 tax brackets. Here’s what you can expect to pay

(CNN) - The 2027 tax brackets and standard deductions are now out – and they’re higher to compensate for inflation.

The IRS says brackets for individuals are up a few hundred to a few thousand dollars. Those for married couples are double that for most income levels. The standard deduction for single filers is $500 more at $16,600. For married couples, the increase is $1,000.

The IRS changes tax brackets based on the Consumer Price Index. The 2027 adjustment is a half percentage point more than the previous year’s since inflation is higher.

The IRS is also announcing tweaks, like a $100 Child Tax Credit bump.

“American individuals and businesses will see increased tax benefits next tax year ranging from an increase in the standard deduction and the Child Tax Credit for families,” said IRS CEO Frank J. Bisignano in a news release.

Experts say taxpayers might want to review the changes to consider whether to make withholding adjustments.