The IRS is making multiple changes to its tax code for the 2023 tax year. Changes include raising the threshold for tax brackets and boosting standard deductions.
The tax bracket threshold is raised annually based on inflation. However, the adjustment this year is particularly high compared to usual because of the high rise in the cost of living. Grocery stores have seen a rise in prices for eggs, milk, and bread.The top marginal tax rate will apply to individuals whose annual income is above $578,125 and married couples whose annual income is above $693,750 for 2023 — that's up 7% compared to last year.
The changes to the standard deductions, the biggest adjustment since 1985, will give people a higher amount of earned income that does not need to be reported on their tax forms and reduce the amount residents will need to pay in taxes.The new brackets range from individuals who make $10,275 or less a year to individuals who make $539,900 or more. Couples who file jointly will see brackets ranging from $20,550 or less to $647,850 or more, according to USA Today.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The best 2023 Super Bowl 2023 movie trailers, ranked | Digital TrendsThe 2023 Super Bowl featured trailers for the year's most anticipated movies like The Flash, Fast X, Creed 3, and Air, and we ranked them from worst to best.
Read more »
MLB Will Look Different in 2023 Thanks to These Three Rule ChangesThe 2023 MLB season kicks off with Opening Day on March 30. Baseball fans might notice some new rule changes this season.
Read more »
Bungie to make Destiny 2 more challenging and overhaul its Power leveling systemSome big Destiny 2 changes are on the way in 2023.
Read more »
Carl Cheffers-led ref crew could bring flag-happy approach to Super Bowl 2023Some focus, too, will be on the NFL officiating crew, particularly Carl Cheffers, the referee for the group that will oversee the game.
Read more »
Sam Smith trolled for ‘attention-seeking’ latex look at 2023 Brit AwardsSam Smith is the most attention seeking person I’ve ever seen in my life. Genuinely, it’s getting boring now,” one critic tweeted as the singer’s look went viral.
Read more »