IRS Changes for 2023

The IRS has made several changes for the 2023 tax year to adjust for inflation. Mainly those who are -

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[{"selector":"#anim-128ecca0-ab51-4b0c-ac78-398a37daa7aa [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The federal tax brackets for 2023 have been raised, and the standard deduction has been increased for both married couples and single taxpayers filing together. The federal tax brackets for 2023 have been raised, and the standard deduction has been increased for both married couples and single taxpayers filing together. CREDIT GETIMAGE

[{"selector":"#anim-75bd8665-73ff-4c97-bd81-71e814f0a62b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.663602829911923%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Changes have also been made to the alternative minimum tax, property tax exemption, earned income tax credit and flexible spending account limits, among others. Changes have also been made to the alternative minimum tax, property tax exemption, earned income tax credit and flexible spending account limits, among others. CREDIT GETIMAGE

[{"selector":"#anim-b5e04bda-33be-48f5-90be-6786f41f1651 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] On tax returns filed in 2024, the IRS also changed the 2023 tax withholding tables, which determine how much money employers must withhold from employee wages in pay checks for federal taxes. On tax returns filed in 2024, the IRS also changed the 2023 tax withholding tables, which determine how much money employers must withhold from employee wages in pay checks for federal taxes. CREDIT GETIMAGE

[{"selector":"#anim-1279021c-7847-405a-9407-228c601999bc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The 2023 tax season begins January 23, 2023, and the IRS has taken major additional steps to improve service for taxpayers. The 2023 tax season begins January 23, 2023, and the IRS has taken major additional steps to improve service for taxpayers. CREDIT GETIMAGE

What are the main tax items for tax year 2023?

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[{"selector":"#anim-7d5c5bf6-5ec9-4689-998a-3bd144edf55a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The standard deduction for married couples filing jointly for 2023 has increased by $1,800 from last year to $27,700. The standard deduction for married couples filing jointly for 2023 has increased by $1,800 from last year to $27,700. CREDIT GETIMAGE

IRS Changes for 2023

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IRS Changes for 2023

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The IRS has made several changes for the 2023 tax year to adjust for inflation. Mainly those who are -

The IRS has made several changes for the 2023 tax year to adjust for inflation. Mainly those who are -

What are the main tax items for tax year 2023?

What are the main tax items for tax year 2023?

IRS Changes for 2023

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