You may be thinking, "Gosh! Even though we're still in the 2022 tax year and you already filed your 2021 tax returns back in April," to yourself.

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I'm curious to know what the tax rates will be for the 2023 tax year. 

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How the brackets work ?

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In the U.S. tax system, income tax rates are graduated,  so you pay different rates on different amounts of taxable income.  There are seven of these tax brackets in all. The more you make, the  more you pay.

Tax brackets for income earned in 2023

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37% for incomes over $578,125  ($693,750 for married couples filing jointly) 

Tax brackets for income earned in 2023

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35% for incomes over $231,250  ($462,500 for married couples filing jointly) 

Tax brackets for income earned in 2023

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32% for incomes over $182,100  ($364,200 for married couples filing jointly)  

Tax brackets for income earned in 2023

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24% for incomes over $95,375  ($190,750 for married couples filing jointly) 

Additionally, for single filers, the standard deduction will increase to $13,850 from $12,950 for the 202 3 tax year. 

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The IRS uses the chained consumer price index (CPI) to measure inflation, as mandated by the 2017 tax reform.   

If you paid a big tax bill in 2022, you should talk with a tax adviser about how to reduce your bill in 2023.

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