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💰️ IRS Announces Tax Brackets for 2023

The brackets are out!

No, not the fun kind we fill out for March Madness. The 2023 federal income tax brackets.

The IRS announced that it raised the income thresholds and standard deductions for each tax bracket from 2022 to ’23.

Here’s a quick look at some of the adjustments:

  • Standard deduction for married couples filing jointly: $25,900 (2022) to $27,700 (2023)

  • Standard deduction for single filers: $12,950 (2022) to $13,850 (2023)

  • 22% bracket, married filing jointly: $89,451-$190,750 (up from $83,550-$178,150)

  • 24% bracket, married filing jointly: $190,751-$364,200 (up from $178,150-$340,100)

Here’s a full look at the 2023 federal income tax brackets and rates.

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