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IRS Increases Standard Deduction for 2023: NPR

A sign outside the Internal Revenue Service building in Washington on May 4, 2021.

Patrick Semansky/AP


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Patrick Semansky/AP


A sign outside the Internal Revenue Service building in Washington on May 4, 2021.

Patrick Semansky/AP

The National Tax Agency Increased inflation adjustment Tax year 2023 after rent, food and gas prices skyrocket not seen for 40 years.

Adjustment announcements come yearly, but in a year of high inflation, the move to raise the standard deduction and income thresholds taxed could mean savings for people of all income levels. there is.

For single taxpayers and married individuals filing separately, the standard deduction increases to $13,850 in 2023, an increase of $900 from 2022. The standard deduction for a jointly filing couple increases $1,800 from last year to $27,700 for her. Also, for the Head of Household, her standard deduction for the 2023 tax year will be $20,800, increasing her $1,400 from the amount for the 2022 tax year.

If you are single or filing separately for your spouse, the standard deduction is increased by $900 for a total of $13,850. For those applying as head of household, the standard deduction for the next tax year will be her $20,800, an increase of $1,400.

Rent is 7.2% higher, electricity bills 15.5% higher, groceries 13% higher and health insurance about 30% higher than last year, according to data released last week by the Bureau of Labor Statistics.

https://www.npr.org/2022/10/19/1129843538/irs-standard-deductions-taxes-2023-inflation IRS Increases Standard Deduction for 2023: NPR

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