How about we pay -0- taxes!!!
IRS releases new standard deductions and tax brackets as inflation soars Tax season is months away, but it’s never too soon to know what to expect when it comes to potential refunds — especially when inflation is gnawing at household budgets.
Hours after data came out showing the rate of inflation hit a 31-year high in October, the Internal Revenue Service announced how much certain inflation-indexed tax provisions would be adjusted for returns filed in 2023.
The IRS already announced the inflation adjustments for provisions, like the standard deduction, that will apply for returns filed in 2022. Those routine adjustments were made last October.
The latest adjustments to more than 60 provisions were determined prior to Wednesday morning’s Consumer Price Index news, IRS spokesman Anthony Burke said.
Put together, the inflation adjustments for tax years 2021 and 2022 sketch out what taxpayers can expect going forward. And if inflation isn’t “transitory,” the adjustment determinations now will be all the more important come tax time in 2023.........
https://www.marketwatch.com/story/irs-releases-new-standard-deductions-and-tax-brackets-as-inflation-soars-11636573678?mod=home-page
