Due to the rampant inflation, the Internal Revenue Service announced on Tuesday that it has adjusted tax code parameters for 2023, which means that many Americans could end up taking home more money from their paychecks next year.
With inflation at a 40-year high, the IRS is hiking the standard deduction by about 7 percent for 2023, The Hill reported.
The standard deduction reduces the amount of income that a person is taxed so by increasing the standard deduction, the adjustment means Americans can protect more of their personal income from basic income taxes , the Wall Street Journal reported.According to […]
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