The IRS has announced there will be revisions to 2022’s tax code. These changes will go into effect for taxpayers filing in 2023 for the previous year.
The changes include both a rise in income tax brackets and the standard deduction to account for recent inflation. The intent behind these changes is to provide some relief to the taxpayer in next year’s tax season. These revisions are the IRS’ way of preventing any drastic negative effects, due to inflation, on Americans’ filing results. Here is a breakdown of how the changes will look for taxpayers.