IRS raises income threshold and standard deduction for all tax brackets

The IRS has released higher federal tax brackets for 2023 to adjust for inflation

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Married couples filing together standard deduction is increasing to $27,700 from $25,900

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Single taxpayers standard deduction is increasing to $13,850 from $12,950

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Standard deduction for someone who is 65 or older will rise to $1,500 per person from $1,400

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Head of household it will rise to $20,800 from $19,400

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Few changes in the other provisions

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Such as alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits etc

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