The Internal Revenue Service released a list of inflation adjustments ahead of the 2023 tax season, including changes to deductions and credits.
Historical inflation rates in the U.S. have equaled some bike hikes ahead of the 2023 tax season. The Internal Revenue Service announced dozens of adjustments, due to inflation, that affect individual tax income brackets.As the New York Times reported, tax filers who haven't seen their wages change with the pace of inflation could see some savings on their next federal income tax bill.
The standard deduction, which the majority of Americans claim on their tax returns, will see a change.As Forbes reported, the standard deduction is now claimed by over 85% of taxpayers instead of itemized deductions. Earners above $231,250 will see a 35 percent rate, which will apply to married couples filing jointly and earning $462,500.
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