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This article is posted with permission from our partner IRS and originally appeared on the IRS blog at: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 Subscribe to IRS tax tips here. WASHINGTON — The Internal Revenue Service announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of the deduction is $0.54 increased (but not above $1.07) by $0.02 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent. The applicable dollar value used to determine the increased deduction amount for certain property is $2.68 increased (but not above $5.36) by $0.11 for each percentage point by which the total annual energy and power costs for the building are certified to be reduced by a percentage greater than 25 percent. Highlights of changes in Revenue Procedure 2022-38:The tax year 2023 adjustments described below generally apply to tax returns filed in 2024. The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts:
The other rates are: 35% for incomes over $231,250 ($462,500 for married couples filing jointly); The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).
Items unaffected by indexing:By statute, certain items that were indexed for inflation in the past are currently not adjusted.
via Freelancers Union Blog https://blog.freelancersunion.org/2022/10/20/irs-provides-tax-inflation-adjustments-for-tax-year-2023/
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AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
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