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Impact of Inflation on Tax Brackets and the Standard Deduction
Perhaps the biggest change for the 2023 tax season is the impact of inflation on tax brackets and the standard deduction. Both have been adjusted by the IRS to account for the spike in inflation over the past year. The standard deduction has increased by $900 for a single taxpayer and $1,800 for a married couple filing jointly. Here is a breakdown of the new standard deduction amounts:
Charitable Gift Strategy: Donate Highly Appreciated Securities
If you own highly appreciated securities, consider donating stocks rather than writing a check. This will provide you with capital-gain tax savings in addition to the income-tax savings. |
