The IRS Announced Changes For Taxpayers Coming In 2023

The IRS announced that changes are coming soon to account for the impact of inflation.

The IRS announced that changes are coming soon to account for the impact of inflation.

The changes are an attempt to avoid “bracket creep” due to inflation. Taxpayers will see a change in standard deduction. For married couples filing jointly, there will be an increase of 7%, 6.9% for single filers, and 7.2% for heads of households. Also brackets are raising to 7% for each type of tax filer.

The new measures are set to take place in 2023.