IRS 2023 inflation adjustments could equal lower tax rates for many

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IRS 2023 inflation adjustments could equal lower tax rates for many

The IRS set higher 2023 tax brackets and made adjustments to standard deductions

Historical inflation rates in the U.S. have equaled some bike hikes ahead of the 2023 tax season. The Internal Revenue Service (IRS) announced dozens of adjustments, due to inflation, that affect individual tax income brackets.

The changes include standard deductions and credits for 2023.

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