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Amid Soaring Inflation, IRS Releases Higher Tax Brackets and Standard Deductions for 2023

Amid Soaring Inflation, IRS Releases Higher Tax Brackets and Standard Deductions for 2023

In response to soaring inflation, the IRS has released higher tax brackets and standard deductions for tax year 2023 and subsequent returns filed in 2024. This means that more taxpayers’ earnings will remain in lower tax brackets, which should reduce their income...

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Inflation Catches Up with Taxes: Here are the Tax Adjustments Released by the IRS for 2023

Inflation Catches Up with Taxes: Here are the Tax Adjustments Released by the IRS for 2023

The IRS makes tax adjustments every year but because of high inflation, the adjustments for the 2023 tax year are more significant, including changes to standard deduction amounts and tax brackets. Read on for an understanding of the most significant changes in order...

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What’s Included in President Biden’s Proposed Tax Overhaul?

What’s Included in President Biden’s Proposed Tax Overhaul?

President Biden’s “Build Back Better” policy initiative, which targets economic recovery, includes a $1.8 trillion American Families Plan (AFP) and a $2.3 trillion American Jobs Plan. The administration plans to fund both initiatives through a Made in America Tax Plan. Below is an overview of what’s included in this far-reaching tax overhaul.

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