IRS Announced Higher Federal Income Tax Brackets For 2022!
We have some breaking news; the IRS has announced higher federal income tax brackets for 2022 amid rising inflation. The consuming price index has surged by 6.2% last month and the IRS has boosted the income threshold for each bracket applying to tax the year 2022 for returns filed in 2023. The standard deduction is increasing to $25,900 for married couples filing together and $12,950 for single taxpayers. There are other inflation adjustments to an alternative minimum tax, estate tax exemption, earned income tax credit, and flexible spending account limits. Tax planning is becoming more important for changes like these so you can increase your tax savings and reduce your tax liability. Need help? Please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts!