The IRS announced on Tuesday, October 18 that several tax provisions would be changed for the 2023 tax year due to the high levels of inflation. The adjustments will be applicable in 2023 and relate to returns filed in 2024. There many changes, but we will cover the changes that apply to the majority of taxpayers. Adjusted 2023 Tax Brackets Single < $11,000: 10% $11,000 - $44,725: 12% $44,725 - $95,375: 22% $95,375 - $182,100: 24% $182,100 - $231,250: 32% $231,250 - $578,125: 35% > $578,125: 37% Married Filing Jointly < $22,000: 10% $22,000 - $89,450: 12% $89,450 - $190,750: 22% $190,750 - $364,200: 24% $364,200 - $462,500: 32% $462,500 - $693,750: 35% >$693,750: 37% Standard Deduction Single- $13,850 Married Filing Jointly- $27,700 Head of Household- $20,800 Earned Income Credit The maximum EIC for 2023 will be increased by $495, and appropriate adjustments will be made to all thresholds. Retirement Account Contributions The maximum contribution lim...
This blog posts answers to questions given to us by ministers and others serving in Christian ministries advancing the gospel of Jesus Christ. It also discusses other financial topics that those in gospel ministries face. We trust the information provided can be helpful to you.