Amid Rising Inflation, the IRS Raises Standard Deductions by 7%
The IRS has adjusted the tax brackets for the 2023 tax filing season amid rising costs and inflation.
The tax brackets will increase by approximately 7% in an attempt to counter inflation
See the IRS statement here.
The standard deduction for Married filing Joint taxpayers will increase by $1,800 to $27,700.
For taxpayers filing Single, the standard deduction will increase by $900 to $13,850.
Heads of household taxpayers will see an increase of $1,400 to $20,800 for their standard deduction.
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