The IRS Has Just Released Its 2023 Inflation Adjustments for Many Tax Provisions.
The IRS has just released its 2023 inflation adjustments for many tax provisions. The standard deduction will increase: $900 to $13,850 for single taxpayers; $1,800 to $27,700 for married couples filing jointly; and $1,400 to $20,800 for heads of household. The top tax rate for individuals with income greater than $578,125 ($693,750 for married couples filing jointly) will remain 37%. The other rates will remain 35%, 32%, 24%, 22%, 12% and 10%. For 2023, the personal exemption remains at 0. The personal exemption was eliminated by the Tax Cuts and Jobs Act from 2018–2025. For information on other inflation-adjusted amounts: https://bit.ly/3D4GiwS