IRS Adjusts Standard Deductions for Inflation

Benzinga 2022-10-19

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The Internal Revenue Service released adjustments for inflation for the 2023 tax season. Households filing 2022 income taxes will see changes to their standard deductions and income brackets. For a married couple filing a joint return, the deduction will increase to $27,700. For singles and couples filing separately, it will rise to $13,850. For a head of household, it will rise to $20,800 from $19,400. The IRS also made changes to taxable income for tax brackets.

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