IRS releases new standard deductions and tax brackets as inflation soars
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Tax season is months away, but it’s never too soon to know what to expect when it comes to potential refunds — especially when inflation is gnawing at household budgets.
Hours after data came out showing the rate of inflation hit a 31-year high in October, the Internal Revenue Service announced how much certain inflation-indexed tax provisions would be adjusted for returns filed in 2023.
The…