IRS changes for 2023 can boost paychecks, lower taxes

  • by:
  • Source: Axios
  • 01/03/2023
IRS changes for 2023 can boost paychecks, lower taxes
One dollar bill by the wall by Kenny Eliason is licensed under Unsplash unsplash.com
New tax brackets and standard deductions are now in effect, potentially boosting paychecks and lowering income tax for many Americans, who enter the new year still reeling from sky-high prices.

The big picture: The Internal Revenue Service made a few other changes to account for inflation, including raising contribution limits for tax-deferred retirement plans in 2023 and a 3-cent increase to the mileage rate.
 
  • The higher limits to 401(k) plans can help people save more for retirement, which in many cases will help lower their income tax.
  • The new tax adjustments apply to tax returns filed in 2024, but the IRS also changed the 2023 tax withholding tables, which determine how much money employers should withhold from employee wages in paychecks for federal taxes.
One dollar bill by the wall by Kenny Eliason is licensed under Unsplash unsplash.com

Help FAIRtax Become The Number One Issue in 2024

Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!

Help out with a One-Time Contribution

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.

Billing information (REQUIRED)

Payment information (REQUIRED)

To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.

Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share

© 2014 - 2024, FAIRtax, all rights reserved
Privacy Policy | Terms of Use