All About The IRS Tax Inflation Adjustments For The 2023 Tax Year via Qai_Invest
$20,800 for head of household filers The seven tax rates remain the same for the 2023 tax year. Instead, the IRS adjusted the income values in each bracket to give filers more breathing room amid high inflation.Alternative minimum tax rate changes
But higher-income taxpayers are required to calculate their taxes twice: once under the regular system, and again under the AMTI. Then, the taxpayer is required to pay the higher of the two. Annual inflation adjustments were first codified under the Reagan administration; in years prior, tax brackets had to be manually adjusted to account for high inflation – or, more likely, not adjusted at all.
But for Americans who straddled the middle of their tax bracket, or whose wages haven’t kept up with inflation, the annual tax adjustments present a potential savings opportunity. You might even see your take-home pay increase in the 2023 tax year.
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