IRS Raises 2023 Standard Deduction Tax Brackets Due to Inflation

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The IRS on Tuesday released annual inflation adjustments to key aspects of the tax code that will apply for the 2023 tax year. • The adjustments, included in Revenue Procedure 2022-38, will generally apply to the tax returns that people will file in 2024, and reflect the fact that inflation has been high over the past year. • The standard deduction will rise to $13,850 for single filers, an increase of $900 from 2022, and will go up to $27,700 for married couples filing jointly, an increase of $1,800 from 2022, the IRS said. • Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm • Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup • Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. • To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. • Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 • Connect with us on… • YouTube: / bloomberg • Breaking News on YouTube: / bloombergquicktakenews • Twitter: / quicktake • Facebook: / quicktake • Instagram: / quicktake

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