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IRS Raises 2023 Standard Deduction, Tax Brackets Due to Inflation
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The IRS on Tuesday released annual inflation adjustments to key aspects of the tax code that will apply for the 2023 tax year.
The adjustments, included in Revenue Procedure 2022-38, will generally apply to the tax returns that people will file in 2024, and reflect the fact that inflation has been high over the past year.
The standard deduction will rise to $13,850 for single filers, an increase of $900 from 2022, and will go up to $27,700 for married couples filing jointly, an increase of $1,800 from 2022, the IRS said.
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The adjustments, included in Revenue Procedure 2022-38, will generally apply to the tax returns that people will file in 2024, and reflect the fact that inflation has been high over the past year.
The standard deduction will rise to $13,850 for single filers, an increase of $900 from 2022, and will go up to $27,700 for married couples filing jointly, an increase of $1,800 from 2022, the IRS said.
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
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