IRS releases new income tax brackets for 2023

[mahatmakanejeeves]

Last edited Thu Nov 16, 2023, 07:37 AM - Edit history (3)

Edited to add, November 11, 2023:

This story is just plain nuts. The CNBC article was a year old when the Yahoo! story came out. This "news" isn't news at all.

The income thresholds have increased for each bracket, which will apply for tax year 2023 and returns filed in 2024, CNBC reported.

See more about this here:

Fri Nov 10, 2023: Due to inflation, Americans can keep more money from taxes next yearhttps://www.democraticunderground.com/10143156501

KSEE articles

IRS releases new income tax brackets for 2023

Iman Palm
Wed, October 4, 2023 at 7:23 PM EDT · 2 min read

The 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 claims

The 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&R Block.

These are the newly released federal tax brackets for tax year 2023

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For perspective:

Fri Nov 16, 2018: Here are the new income tax brackets for 2019