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IRS Just Released New Adjustment for 2023 Taxes – Here’s What You Need to Know

Inflation is breaking our backs in America and we’re not getting much relief. Joe Biden is going to lower gas prices by tapping into the U.S. strategic reserve only to turn around and buy it right back for somewhere between $75-$85 per barrel.

Of course, he’s doing that so that we’ll see that gas prices are down leading up to midterms and maybe we’ll vote Democrat because they’ve done such a good job bringing down the gas prices that they shot through the roof.

Well, their plan isn’t going to work. But there may be some potential relief, as long as you can wait another year and a half for it. The IRS has just released the new adjustments to filing your taxes. But you won’t be able to take advantage of them this year. You’ll have to wait until next tax season.

So, what sort of adjustments are there? Well, when filing their taxes, most people take the standard deduction because it’s the simplest and most people don’t have more than that amount in deductions to write off. Well, there is some good news for you if you’re one of those who claims the standard deduction. The amount is going up and additional $1,800 up to $27,700 for a married couple, or $13,850 for single taxpayers.

The tax bracket have changed as well.

For the tax year 2023, the top marginal rate, or the highest tax rate based on income, remains 37 percent for individual single taxpayers with incomes greater than $578,125, or $693,750 for married couples filing jointly.

The lowest rate is 10 percent, and applies to single individuals with incomes of $11,000 or less and married couples earning $22,000 or less.

The other rates are: 35 percent for incomes over $231,250 (or $462,500 for married couples filing jointly), 32 percent for incomes over $182,100 (or $364,200 for married couples filing jointly), 24 percent for incomes over $95,375 (or $190,750 for married couples filing jointly), 22 percent for incomes over $44,725 (or $89,450 for married couples filing jointly), and 12 percent for incomes over $11,000 ($22,000 for married couples filing jointly).

These are the big ones that most people care about, but there are a few other changes such as the earned income credit and flexible spending arrangements.

Sources: Epoch Times

Photo Credit: Marco Verch

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