Name: IRS releases new income tax brackets for 2023
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IRS releases new income tax brackets for 2023

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Skip to contentPosted: Oct 4, 2023 / 06:00 PM PDTUpdated: Oct 4, 2023 / 06:00 PM PDTThe Internal Revenue Service released this week higher federal tax brackets and standard deductions for 2023 amid soaring inflation.The income thresholds have increased for each bracket, which will apply for tax year 2023 and returns filed in 2024, CNBC reported.IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claimsThe tax brackets show how much a taxpayer will owe in federal income taxes on each “taxable income” portion, which is calculated by adding up all income sources and then subtracting any standard deductions, according to H&amp;R Block.MarriedSingle:The complete breakdown can be found here.The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, which is an increase from $25,900 in 2022.Single filers can claim $13,850, an increase from $12,950 in 2022.The tax agency also increased the figures for provisions like alternative minimum tax.While the upcoming tax season has yet to start, Californians who have yet to file their 2022 taxes have until Oct. 16 to do so.The tax extension was granted to residents impacted by severe weather during the winter season last year.&gt;&gt;&gt;&gt;Thanks for signing up!Watch for us in your inbox.Subscribe NowAmazon’s Prime Big Deal Days 2023 October fall sale event is here. These are the best deals.Here are the best Apple deals now for the upcoming October Prime sale.You can get your garden ready for winter and help spring arrive with more zest, zeal and vigor than ever before. Here are the best tips to help you prepare.View All BestReviewsTop StoriesMore StoriesMore VideosMore from FOX40More VideosView All BestReviews PicksView All News

Skip to contentPosted: Oct 4, 2023 / 06:00 PM PDTUpdated: Oct 4, 2023 / 06:00 PM PDTThe Internal Revenue Service released this week higher federal tax brackets and standard deductions for 2023 amid soaring inflation.The income thresholds have increased for each bracket, which will apply for tax year 2023 and returns filed in 2024, CNBC reported.IRS will pause taking claims for pandemic-era tax credit due to an influx of fraudulent claimsThe tax brackets show how much a taxpayer will owe in federal income taxes on each “taxable income” portion, which is calculated by adding up all income...

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IRS releases new income tax brackets for 2023

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