Even the darkest clouds can have a little silver lining them. Last week, we discussed the IRS’ inflation adjustments for 2022 taxes.
And with the issuance of Revenue Procedure 2022-38, the IRS has announced inflation-adjusted tax brackets, standard deductions, estate exemptions, and more for 2023.
Income Tax Brackets – 2022 – 2023:
These, of course, are only some of the significant changes the IRS has announced for 2023. Most tax credit limitations have been increased for 2023, though some items are by statue not indexable to inflation.
There may be opportunities to leverage these increases to find you ways to keep even more of your hard-earned money – consult with your CPA/financial planner to develop the best strategy (or strategies) for you and your family.
If you are interested in developing new tax planning and estate strategies for 2023, please click here to email us directly – let us know how we can help.
Until next time –