New changes to the Internal Revenue Service’s policies for 2023 will see lower taxes for some Americans, as the revised rules come into effect.
Rising costs have prompted the tax service to implement several changes affecting millions of citizens, as more deal with higher prices.
Cost of living adjustments, including retirement savings, taxes, Social Security payments, and wage growth, have now become an immediate issue for many Americans, as families begin to struggle with finances.
The Social Security Administration in late 2021 was forced by cost of living increases to raise benefits for approximately 70 million Americans in 2022.
Contribution Limits are Raised to Offset Price Gains
The IRS announced higher federal income tax brackets and standard deductions for 2023, which could offset inflation-related adjustments, with a potential boost to paychecks and lower taxes for millions of citizens….