IRS Income Tax Brackets AND Standard Deductions Increased for 2023 | News or Noise

Relevant retirement news? Similar to the income planning-related news released two weeks ago on Social Security benefits for 2023, because of the highest inflation rates in years, last week, the IRS announced higher federal income tax brackets and standard deductions for 2023.

Because of higher inflation in 2022, the IRS has boosted the income thresholds of each tax bracket for next year, applying to tax the year 2023 for returns filed in 2024. The standard deduction will increase to $27,700 for married couples filing jointly and $13,850 for single taxpayers. Click here for more!

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