The IRS has just released its 2023 inflation adjustments for many tax provisions. The standard deduction will increase: $900 to $13,850 for single taxpayers; $1,800 to $27,700 for married couples filing jointly; and $1,400 to $20,800 for heads of household. The top tax rate for individuals with income greater than $578,125 ($693,750 for married couples filing jointly) will remain 37%. The other rates will remain 35%, 32%, 24%, 22%, 12% and 10%. For 2023, the personal exemption remains at 0. The personal exemption was eliminated by the Tax Cuts and Jobs Act from 2018–2025. For information on other inflation-adjusted amounts: https://bit.ly/3D4GiwS
