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What are the latest tax brackets for 2023?

2023 Tax Brackets and Rates Tax RateFor Single FilersFor Heads of Households10%$0 to $11,000$0 to $15,70012%$11,000 to $44,725$15,700 to $59,85022%$44,725 to $95,375$59,850 to $95,35024%$95,375 to $182,100$95,350 to $182,1004 more rows

What is the income tax deduction for 2023?

The 2023 standard deduction is $13,850 for single filers and those married filing separately, $27,700 for those married filing jointly, and $20,800 for heads of household. It is claimed on tax returns filed by April 2024. $13,850. $13,850.

What is the tax update for 2023?

After an inflation adjustment, the 2023 standard deduction increases to $13,850 for single filers and married couples filing separately and to $20,800 for single heads of household, who are generally unmarried with one or more dependents.

What is the child tax credit for October 2023?

For 2023, taxpayers may be eligible for a credit of up to $2,000 and $1,600 of that may be refundable. Legislation in the works would increase the refundable portion of the credit to $1,800.