TaxWatch: New IRS tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad news.

by | Oct 20, 2022 | Stock Market

In a time of rising costs, the Internal Revenue Service just raised income-tax brackets through new inflation adjustments for next year. It might feel tough sometimes to link the IRS with the concept of good news, but the adjustments for 2023 income tax brackets, the widely-used standard deduction and roughly 60 other inflation-indexed tax provisions might be one of those times.

Why so? The large upward adjustments could create a chance to hold onto more cash when you file you 2024 tax return on next year’s income.

“‘From a strictly tax perspective, yes, they have some tax savings. The bad news is wages stayed stable when everything else increased.’”

— Tax attorney Adam Brewer

The payout on the standard …

Article Attribution | Read More at Article Source

Share This