What the New Federal Tax Brackets and Standard Deductions Mean for You

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What the New Federal Tax Brackets and Standard Deductions Mean for You
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How you'll save more money on your taxes in 2023

ere’s some good news if your wages haven’t kept pace with inflation: you’ll save more money on your taxes in 2023. Every year the IRS re-evaluates its tax brackets and makes changes to reflect the country’s cost of living. On Tuesday, the IRS announced major changes to combat inflation, even more than usual.

For married couples filing their taxes jointly, the standard deduction in 2023 rises to $27,700, an $1,800 increase. Here’s how much couples will pay in taxes according to their incomes:: You’ll pay $2,200 + 12% of gross income over $22,000: You’ll pay $32,580 + 24% of gross income over $190,750: You’ll pay $105,664 + 35% of gross income over $462,500Other changes in the tax code

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