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Taxpayers may get bigger refunds for 2023 to help keep up with inflation
The IRS is increasing the standard deduction and tax bracket limits amid inflation.
HOUSTON - Many taxpayers can expect a bigger tax refund on their 2023 taxes.
To help you keep up with soaring inflation, the IRS is making bigger changes than usual that could save you big money on your 2023 taxes, which is the tax return you'll file in 2024.
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The first big change is that the standard deduction is going up from $12,950 to $13,850 for individuals. That's $900 more.
The standard deduction for married couples filing jointly is increasing from $25,000 to $27,700, up nearly $1,800.
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The IRS is also raising income limits 7% on all tax brackets before you'll have to pay a higher tax rate.
For example, the limit in the 22% tax rate is going up from $41,775 to $44,725.
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The limit in the 24% tax rate is going up from $89,075 to $95,375, letting you earn more income before that next rate of 32% would kick in.
Married couples earning $200,000 in both 2022 and 2023 will actually pay $900 less on their 2023 taxes.
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And here's a big change that will help many low and medium-income families: the Earned Income Tax Credit is increasing from a maximum of $6,935 to $7,430. And that's a refundable credit, so some families that qualify could receive that amount in a check.
The downside is that these are changes for the 2023 tax year, not 2022.
However, note one change right now: the limit you can save pre-tax in a Flex Spending Account for medical bills is going up from $2,850 to $3,050.
Fall is the time you set contributions, so remember you can save more in an FSA next year.