Officials cite inflation as the reason for the changes.
The Internal Revenue Service announced it is making multiple changes to its tax code for 2023. They are including raising the threshold for tax brackets and upping the amount for standard deductions.
Adjustments are made regularly, with the adjustments this year being particularly high because of the increase in the cost of living.
The changes to standard deductions will be the largest since 1985.
The new brackets and deductions will be automatically applied when taxpayers file their 2023 taxes.
As the Lord Leads, Pray with Us…
- For Commissioner Douglas O’Donnell as he oversees the IRS.
- For IRS officials and staff as they attempt to stay current processing tax returns and filings.
- For members of Congress as they consider the tax code and tax brackets.
Sources: Washington Examiner, USA Today
