{"id":1708627,"date":"2022-10-24T06:11:03","date_gmt":"2022-10-24T10:11:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1708627"},"modified":"2022-10-24T09:34:00","modified_gmt":"2022-10-24T13:34:00","slug":"irs-releases-new-federal-tax-brackets-and-standard-deductions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-releases-new-federal-tax-brackets-and-standard-deductions\/","title":{"rendered":"IRS Releases New Federal Tax Brackets and Standard Deductions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-releases-new-federal-tax-brackets-and-standard-deductions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1708627&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<header id=\"SpecialReportArticle-PageHeaderWithTuneInText-2\" class=\"PageHeaderWithTuneInText-container PageHeaderWithTuneInText-isSpecialReport PageHeaderWithTuneInText-noHeader\" data-test=\"pageHeaderWithTuneInText-0\" data-analytics=\"SpecialReportArticle-pageHeaderWithTuneInText-2-0\">\n<div class=\"PageHeaderWithTuneInText-main\">\n<div class=\"PageHeaderWithTuneInText-title\">Year-end Planning<\/div>\n<\/div>\n<nav class=\"PageHeaderWithTuneInText-subNav\">\n<\/nav>\n<\/header>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"SpecialReportArticle-KeyPoints-5\" data-test=\"keyPoints-1\" data-analytics=\"SpecialReportArticle-keyPoints-5-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>The IRS has released higher federal tax brackets for 2023 to adjust for inflation.<\/li>\n<li>The standard deduction is increasing to $27,700 for married couples filing together and $13,850 for single taxpayers.<\/li>\n<li>There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits, among others.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"SpecialReportArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"SpecialReportArticle-articleBody-6-2\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107137711\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000269013\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107137712-16662224811666222478-26098259302-1080pnbcnews.jpg?v=1666222982&#038;w=750&#038;h=422&#038;vtcrop=y\" alt=\"IRS raises income threshold and standard deduction for all tax brackets\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Amid soaring inflation, the IRS this week <a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-22-38.pdf\" target=\"_blank\" rel=\"noopener\">announced<\/a> higher federal income tax brackets and standard deductions for 2023.<\/p>\n<p>The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024.<\/p>\n<p>These brackets show how much you&#8217;ll owe for federal income taxes on each portion of your &#8220;taxable income,&#8221; calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.<\/p>\n<\/div>\n<div class=\"group\">\n<div id=\"SpecialReportArticle-DataWrapperChart\" class=\"DataWrapperChart-dataWrapperContainer\"><\/div>\n<\/div>\n<div class=\"group\">\n<div class=\"DataWrapperChart-dataWrapperContainer\"><\/div>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Higher standard deduction<\/h2>\n<div class=\"group\">\n<p>The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers may claim $13,850, an increase from $12,950.<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"SpecialReportArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">More from Year-End Planning<\/h2>\n<div class=\"group\">\n<p><em>Here&#8217;s a look at more coverage on what to do finance-wise as the end of the year approaches:<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Other tax provisions adjust<\/h2>\n<div class=\"group\">\n<p>The IRS also boosted figures for dozens of other provisions, such as the alternative minimum tax, a parallel system for higher earners and the estate tax exemption for wealthy families.<\/p>\n<p>There&#8217;s also a higher earned income tax credit, bumping the write-off to a maximum of $7,430 for low- to moderate-income filers. And employees can funnel $3,050 into health flexible spending accounts.<\/p>\n<\/div>\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107115294\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000262522\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107115295-16626335391662633536-25341123483-1080pnbcnews.jpg?v=1662633538&#038;w=750&#038;h=422&#038;vtcrop=y\" alt=\"IRS could crackdown on high earners with more audits\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>While the agency hasn&#8217;t yet released 2023 limits for 401(k) and individual retirement accounts, experts predict <a href=\"https:\/\/www.cnbc.com\/2022\/09\/19\/how-high-inflation-may-affect-which-tax-bracket-youre-in-next-year.html\">IRA limits will jump to $6,500<\/a> for savers under 50.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Year-end Planning       The IRS has released higher federal tax brackets for 2023 to<\/p>\n","protected":false},"author":1,"featured_media":1708630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1708627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1708627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1708627"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1708627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1708630"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1708627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1708627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1708627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}