The IRS has released the updated tax brackets, deductions, and credits for the 2023 tax year. While tax filing for this year won’t happen until early 2024, it’s important to pay attention to your tax rate. Strategizing now can help minimize your tax liability and maximize your income potential. Here are the updated numbers for 2023.
The tax brackets for the 2023 tax year (filing in the spring of 2024) are as follows:
|Tax Rate||Single Filers, Married Filing Separately*||Heads of Household||Married Filing Jointly|
|10%||< $11,000||<$15,700||< $22,000|
In addition to the tax brackets for 2023, taxpayers should be aware of these credits, deductions, and phase-outs.
To discuss how these updates may affect your unique tax situation or to create a tax plan for the year, please reach out to one of our knowledgeable professionals today!
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