Consumers, businesses, and investors are looking forward to putting 2022 in the rear-view mirror, as soaring prices, rising interest rates and dreadful financial markets have wreaked havoc on pocketbooks.
Those changes are primarily due to the inflation adjustments within the tax code for tax year 2023. The IRS announced increases for the standard deduction, new ranges of income to which existing marginal tax rates apply, increases to the Earned Income Tax Credit, contributions to health flexible spending arrangements, and the annual exclusion for gifts, to name a few.
Source: Financial Digest (financialdigest.net)
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