By now, you’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. Credit card and other variable-rate debt is getting more expensive as the Federal Reserve raises short-term interest rates to combat inflation. Rates are also rising, albeit more slowly, on savings accounts.
But other ways inflation helps or hurts have gotten less attention. Here are some of the major changes to watch for in 2023.
Big Tax Changes Benefit Most Taxpayers
The IRS raised the standard deduction, which is taken by more than 90 percent of taxpayers, by $1,800 for married couples filing jointly and by $900 for single filers. The standard deduction amounts in 2023 will be $27,700 for married couples and $13,850 for singles….