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IRS making tax inflation adjustments

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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.

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