Indiana NewsNational NewsOhio News

IRS making tax inflation adjustments

(Source: https://goo.gl/3Y2t7n License: https://goo.gl/OOAQfn)

NATIONWIDE (WOWO): Most people will be getting an increase to their standard tax deduction for next year.

The IRS is pushing up income brackets in a response to inflation, which means that the standard deduction for married couples filing jointly will go up $800 to $25,900. If you’re single or if you’re married but filing separately, the standard deduction will go up $400 to $12,950. Heads of households will see their standard deduction go up $600.

The top tax rate remains at 37% those who make close to $540,000 a year. You can also contribute an extra $1,000 to your 401K plan for tax year 2022.

Find full details here.

Related posts

Court: Indiana owes IBM nearly $50M in welfare fight….

Kayla Blakeslee

BP Whiting Refinery completes major maintenance project

Darrin Wright

Indianapolis Woman Drowns In Creek

WOWO News

Leave a Comment