New IRS tax income brackets for 2023 include inflation adjustments; What you’ll pay

The Internal Revenue Service (IRS) has released adjusted tax brackets that take into account the impacts of inflation.

The Internal Revenue Service has released new tax brackets and standard deductions amounts that you'll use to figure your 2023 taxes to be filed in 2024. The changes, made to account for inflation, mean if your income isn’t keeping up with inflation, the increases in the brackets make it less likely you’ll pay higher tax rates.WASHINGTON – Just as you adjust your budget to cope with inflation, the Internal Revenue Service adjusts its federal income tax brackets and standard deductions.

The standard deduction, the amount you can deduct to adjust the amount of income on which you’re taxed, has also increased.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

clevelanddotcom /  🏆 301. in US

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.

New Men's Fashion Stores in New York City Fall 2023: DetailsSeveral menswear brands are setting up permanent locations to engage with their customers and offer exclusive products in-person.
Read more »

UScellular offers the Motorola Razr 2023 for free to new and existing customersCosmin, a tech journalist with a career spanning over a decade, brings a wealth of experience to PhoneArena. His expertise lies in brands like Samsung and Nokia, and he has a keen interest in innovative technologies. After a brief stint in PR, Cosmin returned to tech journalism in 2016, committed to delivering clear and objective news.
Read more »

CAPE New Writers Fellowship Announces Class Of 2023Surpassing 10 years of developing emerging writers, CAPE (Coalition of Asian Pacifics in Entertainment) has selected its latest CAPE New Writers Fellowship class. The new cohort completed the progr…
Read more »

TIFF 2023: the best new movies from TorontoAt the Toronto International Film Festival, or TIFF 2023, great films like Dream Scenario, American Fiction, and Smugglers gave a sense of what theatergoers can look forward to.
Read more »

All the News, Trailers, and Cosplay You Might Have Missed From New York Comic Con 2023One of the weirdest years for the New York con is in the books—and you can find all of io9's coverage in one place.
Read more »