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What is the standard deduction for seniors over 65 in 2023?

2023 Standard Deduction Taxpayers who are at least 65 years old or blind can claim an additional standard deduction of $1,500 is allowed for 2023 ($1,850 if youre claiming the single or head of household filing status).

What are the major tax changes for 2022?

2022 Taxes: 8 Things to Know Now Income tax brackets shifted a bit. The standard deduction increased slightly. Itemized deductions remain mostly the same. IRA contribution limits remain the same and 401(k) limits are slightly higher. You can save a bit more in your health savings account (HSA)

What are the IRS changes for 2022?

After an inflation adjustment, the 2022 standard deduction increases to $12,950 for single filers and married couples filing separately and to $19,400 for single heads of household, who are generally unmarried with one or more dependents.

What are the recent IRS notices for August 2022?

IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1. IR-2022-150, August 15, 2022 The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.

What is the new federal tax for 2022?

2022 tax brackets (for taxes due in April 2023) There are currently seven federal income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your 2022 tax bracket is based on your taxable income and tax filing status.

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