For the new standard deductions and tax rate, see the above link.The federal government regularly adjusts everything from Social Security benefits to retirement account limits to account for inflation.
The same goes for some key aspects of federal income taxes, including the standard deduction and tax brackets, which are the income ranges that determine your tax rate. And 2023 will be no exception: The IRS recently announced that every standard deduction and individual income tax bracket will increase — and by more than usual, due to inflation running near a 40-year high lately.
https://www.msn.com/en-us/money/persona ... c170d575b3
New IRS Standard Deductions and Tax Rates
New IRS Standard Deductions and Tax Rates
The standards deductions and tax rates for taxpayers is increasing for 2023.
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