It might feel tough sometimes to link the IRS with the concept of good news, but the adjustments for 2023 income tax brackets, the widely-used standard deduction and roughly 60 other inflation-indexed tax provisions might be one of those times.
Why so? The large upward adjustments could create a chance to hold onto more cash when you file you 2024 tax return on next year's income. The payout on the standard deduction is jumping 7% from 2022 to 2023, the IRS numbers show. The standard deduction becomes $27,700 for a married couple filing jointly, an $1,800 increase from the payout slated for this year.
New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad news.
- by: Andrew Keshner
- 10-21-2022
- Source:
Morning Star
- 10/21/2022
Personal Income Taxes Ver5 by Chris Potter is licensed under FLICKR Attribution 2.0 Generic (CC BY 2.0)
'You can't put a tax refund in February 2024 into the gas tank,' one tax lawyer said. In a time of rising costs, the Internal Revenue Service just raised income-tax brackets through new inflation adjustments for next year.
Personal Income Taxes Ver5 by Chris Potter is licensed under FLICKR Attribution 2.0 Generic (CC BY 2.0)
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