Free Republic

The IRS released inflation-adjusted marginal rates and brackets for 2023 on Tuesday, and many workers will see higher take-home pay in the new year as less tax is withheld from their paychecks. Additionally, the agency released the standard deduction for next year. It is increasing by $900 to $13,850 for single taxpayers, and by $1,800 for married couples, to $27,700. For heads of household, the 2023 standard deduction will be $20,800. That’s an increase of $1,400. Here are the marginal rates for tax year 2023, depending on your tax status. Single filers – 10%: income of $11,000 or less –...

The IRS has announced inflation adjustments to the standard deduction and other tax provisions for the 2023 tax year. The standard deduction for married couples filing jointly for tax year 2023 will rise to $27,700, up $1,800 from tax year 2022. The standard deduction is the amount taxpayers can subtract from their income, before they owe taxes on the rest. (You cannot take the standard deduction if you itemize your deductions.) For single taxpayers and married people filing separately, the standard deduction will rise to $13,850, up $900; for heads of households, it will rise to $20,800, up $1,400. People...