{"id":501953,"date":"2022-10-21T16:05:40","date_gmt":"2022-10-21T16:05:40","guid":{"rendered":"https:\/\/resolveyourtaxes.com\/?p=501953"},"modified":"2022-10-21T16:38:40","modified_gmt":"2022-10-21T16:38:40","slug":"10-21-22-income-tax-brackets-for-2023-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/resolveyourtaxes.com\/?p=501953","title":{"rendered":"10\/21\/22 Income Tax Brackets for 2023 &#8211; What You Need to Know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"501953\" class=\"elementor elementor-501953\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-106fbb53 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"106fbb53\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-21d25fcf\" data-id=\"21d25fcf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-8f08b85 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8f08b85\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-69aa65f5\" data-id=\"69aa65f5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5a4c48b7 elementor-widget elementor-widget-heading\" data-id=\"5a4c48b7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">10\/21\/22 Income Tax Brackets for 2023 &#8211; What You Need to Know<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bd03f2a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bd03f2a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-91e2fbc\" data-id=\"91e2fbc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf250a7 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-global elementor-global-705 elementor-widget-table-of-contents\" data-id=\"cf250a7\" data-element_type=\"widget\" data-settings=\"{&quot;exclude_headings_by_selector&quot;:&quot;h1&quot;,&quot;headings_by_tags&quot;:[&quot;h2&quot;,&quot;h3&quot;,&quot;h4&quot;,&quot;h5&quot;,&quot;h6&quot;],&quot;marker_view&quot;:&quot;numbers&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\t10\/21\/22 Income Tax Brackets for 2023 &#8211; What You Need to Know: Contents\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\"><i class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\"><i class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ff86960 elementor-widget elementor-widget-heading\" data-id=\"ff86960\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Income Tax Brackets for 2023 - What You Need to Know<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfd42e4 elementor-widget elementor-widget-text-editor\" data-id=\"cfd42e4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The seven brackets remain the same next year\u00a0<b>10%, 12%, 22%, 24%, 32%, 35% and 37%<\/b> which were set after the 2017 Tax Cuts and Jobs Act.\u00a0 <\/p><p><b>The income thresholds for tax brackets have been adjusted to reflect inflation or the cost of living.<\/b> This is based on the Chained Consumer Price Index created by the Bureau of Labor Statistics through continuously tracking the changing price of a basket of goods and consumer purchasing behavior in response to that change.<\/p><p class=\"\">Also, the standard deduction will increase in 2023 by $900 to<b>\u00a0$13,850 for single filer or married but filing separately<\/b>, by $1,400 to<b>\u00a0$20,800 for head of households<\/b>\u00a0and $1,800 to\u00a0<b>$27,700 for married taxpayers filing jointly.<\/b><\/p><p class=\"\">An additional standard deduction of $1,500 will apply to\u00a0<b>those who are either 65 and older or blind,<\/b> and the amount doubles if both apply to a taxpayer in 2023.\u00a0 So the basic standard deduction will look as follows:<\/p><table><thead><tr><th>Filing status<\/th><th>2022<\/th><th>2023<\/th><\/tr><\/thead><tbody><tr><td>Single filers &amp; Married couples filing separately<\/td><td>$12,950<\/td><td>$13,850<\/td><\/tr><tr><td>Married couples filing jointly &amp; surviving spouses<\/td><td>$25,900<\/td><td>$27,700<\/td><\/tr><tr><td>Head of Household<\/td><td>$19,400<\/td><td>$20,800<\/td><\/tr><\/tbody><\/table><p>Below are the 2022 Tax Bracket Income Thresholds:<\/p><table><thead><tr><th>Tax rate<\/th><th><b>Single filers &amp; MFS<\/b><\/th><th><b>Married filing jointly<\/b><\/th><\/tr><\/thead><tbody><tr><td>37%<\/td><td>for incomes over $539,900<\/td><td>for incomes over $647,850<\/td><\/tr><tr><td>35%<\/td><td>for incomes over $215,950<\/td><td>for incomes over $431,900<\/td><\/tr><tr><td>32%<\/td><td>for incomes over $170,050<\/td><td>for incomes over $340,100<\/td><\/tr><tr><td>24%<\/td><td>for incomes over $89,075<\/td><td>for incomes over $178,150<\/td><\/tr><tr><td>22%<\/td><td>for incomes over $41,775<\/td><td>for incomes over $83,550<\/td><\/tr><tr><td>12%<\/td><td>for incomes over $10,275<\/td><td>for incomes over $20,550<\/td><\/tr><tr><td>10%<\/td><td>incomes of $10,275 or less<\/td><td>for incomes of $20,550 or less<\/td><\/tr><\/tbody><\/table><p>And here are the 2023 Tax Bracket Income Thresholds:<\/p><table><thead><tr><th><b>Tax rate<\/b><\/th><th><b>Single filers &amp; MFS<\/b><\/th><th><b>Married filing jointly<\/b><\/th><\/tr><\/thead><tbody><tr><td>37%<\/td><td>for incomes over $578,125<\/td><td>for incomes over $693,750<\/td><\/tr><tr><td>35%<\/td><td>for incomes over $231,250<\/td><td>for incomes over $462,500<\/td><\/tr><tr><td>32%<\/td><td>for incomes over $182,100<\/td><td>for incomes over $364,200<\/td><\/tr><tr><td>24%<\/td><td>for incomes over $95,375<\/td><td>for incomes over $190,750<\/td><\/tr><tr><td>22%<\/td><td>for incomes over $44,725<\/td><td>for incomes over $89,450<\/td><\/tr><tr><td>12%<\/td><td>for incomes over $11,000<\/td><td>for incomes over $22,000<\/td><\/tr><tr><td>10%<\/td><td>incomes of $11,000 or less<\/td><td>incomes of $22,000 or less<\/td><\/tr><\/tbody><\/table><p>Click here to read the article:\u00a0<\/p><p><a href=\"https:\/\/en.as.com\/latest_news\/income-tax-brackets-for-2023-what-are-the-main-changes-compared-to-2022-n\/\">Income tax brackets for 2023: What are the main changes compared to 2022? &#8211; AS USA<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-ed0c9c6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ed0c9c6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-f4e7ed0\" data-id=\"f4e7ed0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The IRS updated income tax brackets for 2023.  Below is a comparison between 2022 and 2023.<\/p>\n","protected":false},"author":1004,"featured_media":501954,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-501953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/posts\/501953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/users\/1004"}],"replies":[{"embeddable":true,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=501953"}],"version-history":[{"count":4,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/posts\/501953\/revisions"}],"predecessor-version":[{"id":501959,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/posts\/501953\/revisions\/501959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=\/wp\/v2\/media\/501954"}],"wp:attachment":[{"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=501953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=501953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resolveyourtaxes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=501953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}