IRS Adjusts Standard Deductions for Inflation
- 2 years ago
The Internal Revenue Service released adjustments for inflation for the 2023 tax season. Households filing 2022 income taxes will see changes to their standard deductions and income brackets. For a married couple filing a joint return, the deduction will increase to $27,700. For singles and couples filing separately, it will rise to $13,850. For a head of household, it will rise to $20,800 from $19,400. The IRS also made changes to taxable income for tax brackets.