New IRS Tax Brackets 2023 is Finally Released
New IRS tax brackets 2023 have finally been released due to the increasing inflation rate affecting taxpayers.
New IRS Tax Brackets 2023
The increasing inflation rate has affected millions of Americans and taxpayers in the country. Fortunately, the new IRS tax brackets 2023 were released to keep up the salary with the increasing prices continue.
In a published article in NBC News, the new IRS tax brackets 2023 aims to increase the thresholds of taxpayers both for single and married couples jointly filing together. This is to help the taxpayers avoid “bracket creep.”
The new IRS tax brackets 2023 could mean tax savings for some taxpayers. Moreover, this will also give some relief to Americans while the inflation still remains high which affects their purchasing power.
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Range of New IRS Tax Brackets 2023
In a published article in Yahoo News, the following will be the new IRS tax brackets 2023:
- The standard deduction for married couples jointly filing together will be $27,700 in 2023. This is up from $25,900 in 2022 or an increase of 7 percent or $1,800.
- Single taxpayers and married individuals filing separately, the standard deduction is set at $13,850 in 2023, compared with $12,950 last year. That’s an increase of about 6.9 percent.
- Heads of households’ standard deduction in 2023 jump to $20,800 from $19,400 in 2022. That’s an increase of 7.2 percent.
Furthermore, each type of tax filers such as filing separately or as married couples will experience an increase of 7 percent under the new IRS tax brackets 2023, according to NERD WALLET.
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