top of page

Tax Blog

New Tax Brackets For Tax Year 2023 Released

  • The Center for Financial, Legal, & Tax Planning, Inc.
  • Oct 26, 2022
  • 1 min read

Last week the IRS announced inflation adjustments for the tax year 2023 that would apply to returns in 2024.

Marginal Rates for the tax year 2023

· 10% for incomes under $11,000.

o $22,000 for married filing jointly

· 12% for incomes over $11,000.

o $22,000 for married filing jointly

· 22% for incomes over $44,725.

o $89,450 for married filing jointly

· 24% for incomes over 95,375.

o $190,750 for married filing jointly

· 32% for incomes over $182,100

o $364,200 for married filing jointly

· 35% for incomes over $231,250

o $462,500 for married filing jointly

The Alternative Minimum Tax exemption for the tax year is $81,300 and phases out at $578,150 for single taxpayers. For married taxpayers filing jointly that amount is $126,500 and phases out at $1,156,300.

The Earned Income Tax Credit is $7,430 for taxpayers who have three or more qualifying children.

Also noted in the changes was the standard deduction rising with married couples filing jointly now being $27,700 and for single/head of household, taxpayers rising to $13,850.

Please click here for a full list of 2023 annual inflation adjustments covering more than 60 tax provisions.

If you have any questions, please contact the Professionals at The Center for Financial, Legal, & Tax Planning Inc. at (618) 997-3436.



 
 
 

コメント


Sign Up

FOR OUR MONTHLY NEWSLETTER

Success! Message received.

RECENT POSTS
ARCHIVE
SEARCH BY TAG
FOLLOW US
  • Facebook Basic Square
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube Social  Icon

The Center for Financial, Legal & Tax Planning, P.C.

4501 West DeYoung Street | Suite 200 | Marion, IL 62959

Phone: 618-997-3436 618-997-0479| Fax: 618-997-8370

info@taxplanning.com

© 2023 by The Center for Financial, Legal & Tax Planning, P.C.  at www.taxplanning.com

bottom of page