IMPORTANT TAX LAW CHANGES for Tax year 2023

IMPORTANT 2023 Tax Deductions and Tax law changes that you need to know before filing 2022 taxes. IRS tax year 2023 annual inflation adjustments and 2023 tax brackets The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts. The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022. The tax year 2023 maximum Earned Income Tax Credit amount is $7,430 for qualifying taxpayers who have three or more qualifying children, up from $6,935 for tax year 2022. The maximum credit allowed for adoptions for tax year 2023 is the amount of qualified adoption expenses up to $15,950, up from $14,890 for 2022 Disclaimer: Sharing NOT an IRS employee, can be found on irs.gov type in search tax refund This content is not intended to be relied on for tax advice. For questions regarding your specific circumstances, contact your tax professional. #IRS #taxchanges #taxbreak #taxrefund2022 FICO SCORE EXPLAINED-What is a FICO SCORE-HOW TO INCREASE YOUR FICO SCORE    • FICO SCORE EXPLAINED-What is a FICO S...   STEP by STEP TUTORIAL-How to Apply for Student Loan Forgiveness 2022    • STEP by STEP TUTORIAL-How to Apply fo...   ✅2022 IRS TAX REFUNDS APPROVED STATUS-NEXT IRS DIRECT DEPOSIT DATE-STATUS of AMENDED Tax returns    • ✅2022 IRS TAX REFUNDS APPROVED STATUS...