Business
US tax filing: IRS releases income tax brackets and standard deductions for 2026; here’s what has changed – The Times of India
The US Internal Revenue Service (IRS) has announced the new federal income tax brackets and standard deductions for 2026, offering some relief to Americans as they prepare for next year’s tax returns.The IRS usually makes these adjustments in October or November to prevent what’s known as “bracket creep.” This occurs when inflation pushes taxpayers into higher income brackets, which can result in them paying more in taxes the following April, though the actual purchasing power has not improved.What’s changing in 2026For the 2026 tax year, which will be filed in 2027, the top federal income tax rate of 37% will apply to individuals with taxable income above $640,600 and married couples filing jointly with income over $768,700. The agency has also raised thresholds for long-term capital gains, estate and gift tax exemptions, and eligibility for the earned income tax credit, ET reported citing CNBC.The standard deduction is also increasing:
- Married couples filing jointly will be able to claim $32,200, up from $31,500 in 2025
- Single taxpayers can claim $16,100, up from $15,750.
- Heads of households will have a deduction of $24,150, according to CBS News.
Seniors could benefit from an extra tax break under the One Big Beautiful Bill Act. Individuals aged 65 and above may claim a temporary deduction of up to $6,000, available until the end of 2028, for those earning $75,000 or less, or couples earning $150,000 or less.IRS operations amid shutdownThe IRS has warned that an agency-wide furlough will start in October due to a lapse in federal funding caused by the government shutdown. Despite this, taxpayers with an extension deadline of October 15 should continue filing as usual.“Taxpayers should continue to file, deposit, and pay federal income taxes as they normally would; the lapse in appropriations does not change Federal Income Tax responsibilities,” an IRS spokesperson told CBS News.Understanding your taxIn the US, taxation is progressive, meaning that they increase as the income rises. They come in 7 brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. To see how the changes affect you, consider a married couple earning $150,000. Subtracting the 2026 standard deduction of $32,200 leaves $117,800 in taxable income. They fall into the 22% marginal tax bracket, but their effective tax rate is lower:
- $24,800 taxed at 10% = $2,480
- $24,800–$100,800 taxed at 12% = $9,120
- $100,800–$117,800 taxed at 22% = $3,740
This totals $15,340 in federal income tax, resulting in an effective rate of 13%.
Ben Johns comes over to the right side to hit a dink shot against Anna Bright and Hayden Patriquine in the 2026 PPA Carvana Mesa Cup finals match of the Pro Mixed Doubles Division at Arizona Athletic Grounds on February 22, 2026 in Mesa, Arizona.
Bruce Yeung | Getty Images
Pickleball Inc., the new parent company of Major League Pickleball and the PPA Tour, said Friday it has raised a record $225 million in new investment, as the paddle sport continues its rapid growth trajectory.
The latest investment comes from Apollo Global Management’s newly created sports fund, Apollo Sports Capital, and Dundon Capital Partners, owned by billionaire Tom Dundon. Dundon is an owner of the Portland Trail Blazers NBA team and the Carolina Hurricanes NHL team and was an early investor in pickleball.
The fresh funds bring the total investment in Pickleball Inc. to $315 million, as investors continue to look at emerging sports as a place to park their money. The raise values Pickleball Inc. at $750 million, according to a person familiar with the matter, who asked to remain unnamed because they were not authorized to speak publicly about the company’s valuation.
The deal also includes rolling up several pickleball assets under the Pickleball Inc. umbrella, creating what the company called the largest pickleball ecosystem to date.
Pickleball Inc. will take on a portfolio of pickleball assets previously owned by Dundon, including Pickleball Central, a leading site for pickleball equipment founded in 2006. The portfolio also includes PickleballTournaments.com, software that powers thousands of tournaments across all levels of play, as well as Just Courts, a pickleball court installer.
Pickleball Inc.’s newly merged business verticals combined generated over $140 million in 2025 revenue, the company said.
In a release, MLP and PPA Tour CEO Connor Pardoe called the new investment a “seismic day” for pickleball’s rapidly growing business at all levels.
“This investment allows us to fully integrate the sport into one cohesive ecosystem – uniting professional pickleball, consumer goods, technology, and media under a single, unified platform,” Pardoe said.
Dundon and the Pardoe family will remain majority shareholders in the business after the investment.
Pickleball has exploded in popularity in recent years, with more than 24 million U.S. players participating in 2025, making it the fastest growing sport in the country over the last three years, according to the Sports & Fitness Industry Association’s Annual Report.
At the professional level, the MLP and PPA Tour have seen major growth with a combined $30 million in sponsorship revenue in 2025 and $60 million in combined top line revenue for 2025, according to the United Pickleball Association, which operates both leagues. The MLP and PPA Tour are projecting $74 million in combined revenue in 2026.
The new capital for Pickleball Inc. will be used to further integrate the pickleball business at all levels of play and create a streamlined pickleball ecosystem, the company said.
“This capital raise will allow us to expand our focus into new and scalable opportunities like content, media, and the development of infrastructure to support our fast growing events,” MLP Commissioner Samin Odhwani said in a statement. “The continued and dynamic year-over-year growth data has proven without doubt that pickleball is no longer an emerging sport, and is instead quickly becoming the next tier one sport in America.”
Business
Gross GST collections hit record high of Rs 2.43 lakh crore in April 2026 despite US-Iran war concerns – The Times of India
GST collections: The gross Goods and Services Tax (GST) collections touched a new high in April, reflecting continued strength in economic activity even in the midst of the ongoing Middle East conflict.According to government data released on Friday, gross GST revenue for the month reached a record Rs 2.43 lakh crore, registering an 8.7% increase over Rs 2.23 lakh crore collected in April last year.After accounting for refunds, net GST collections stood at Rs 2.11 lakh crore, up 7.3% from the corresponding period a year earlier.Refund disbursements during the month rose sharply, climbing 19.3% year-on-year to Rs 31,793 crore.As a result, net GST revenue for April 2026 came in at Rs 2,10,909 crore.Robust revenues from imports played a major role in driving GST collections during the month. Gross receipts from imports climbed sharply by 25.8% to Rs 57,580 crore, while gross domestic GST collections recorded a comparatively moderate increase of 4.3%, reaching Rs 1.85 lakh crore.The net GST revenue from imports surged 42.9%, significantly outpacing the marginal 0.3% rise in net domestic collections.The April performance follows a strong showing in March, when net GST collections stood at Rs 1.78 lakh crore, up 8.2% from a year earlier. Gross collections in that month had also crossed the Rs 2 lakh crore mark.For the full financial year 2025-26, gross GST revenue increased 8.3% year-on-year to Rs 22.27 lakh crore. Net GST collections for the year rose 7.1% to Rs 19.34 lakh crore.Major contributors such as Maharashtra, Karnataka and Gujarat continued to account for a substantial share of total collections.
NEW DELHI: Government on Friday increased the price Aviation Turbine Fuel for international airlines by 5 per cent.This is the second straight monthly rise amid the global energy crisis.However, there is no change in the ATF price for domestic airlines.ATF prices have been increased by USD 76.55 per kilolitre, or 5.33 per cent, to USD 1511.86 per kl in Delhi, home, according to state-owned oil firms.Under this mechanism, foreign airlines and other carriers will pay market-linked rates, while prices for domestic airlines have been moderated, new agency PTI reported, citing sources.Earlier on April 1, rates for domestic airlines were hiked by 25 per cent to Rs 104,927.18 per kl.Jet fuel prices were deregulated more than two decades ago and have since been linked to international benchmark rates under a written understanding with airlines.However, a surge in global energy prices triggered by the West Asia crisis led to what sources described as the steepest-ever hike in ATF rates, prompting the government and state-run oil companies to take a calibrated approach.Jet fuel prices were deregulated more than two decades ago and have since been linked to international benchmark rates under a written understanding with airlines.
US’ Gap partners with Victoria Beckham on timeless wardrobe essentials
Graduation Gifts That Aren’t Totally Cringe
Canada’s Lululemon appoints Esi Eggleston Bracey to board of directors
-
Sports1 week agoPSL 11: Hyderabad Kingsmen opt to field after winning toss against Multan Sultans
-
Business1 week agoTrump administration in advanced talks for a rescue package for Spirit Airlines, source says
-
Entertainment1 week agoAnne Hathaway shares major news about ‘Princess Diaries 3’
-
Business1 week agoGold prices in Pakistan Today – April 23, 2026 | The Express Tribune
-
Fashion1 week agoCanada forms new advisory committee to strengthen US trade relations
-
Entertainment1 week agoMike Vrabel to miss Patriots’ final NFL draft day —here’s why
-
Business1 week agoOil surges past 4% as Iran keeps Hormuz locked – SUCH TV
-
Fashion1 week agoUS CBP to soon launch electronic system for importers to claim refunds