Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023.
The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024.
These brackets show how much you’ll owe for federal income taxes on each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
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