MEDIA ALERT — 2023 Projections for Inflation-Adjusted Tax Brackets and Other Amounts
What: Many of the amounts in the Internal Revenue Code are subject to annual inflation adjustments. Many of these adjustments are tied to Consumer Price Index numbers released in mid-September. Wolters Kluwer utilizes these CPI numbers to project the 2023 adjustments to the Tax Code amounts tied to these CPI numbers. The
Full report: 2023 Projection for Inflation-Adjusted Tax Brackets and Other Amounts
Why: The projections provide taxpayers and tax advisors with a first look at what these 2023 tax numbers might look like to assist in 2022 year-end tax planning. With 2022 inflation being higher than in recent years, the projected changes in tax amounts are also larger than has been the case in recent years. This link contains the details:
Some of the 2023 tax amount projections include:
- Tax Rate Tables
- Capital Gains Rate Table
- Standard Deduction Table
- Estate and Gift Tax Unified Credit and Annual Gift Tax Exclusion
- Adoption Credit
- Alternative Minimum Tax
- Flexible Spending Account Limit
- Foreign Earned Income Exclusion
Who: Tax expert
PLEASE NOTE: These materials are designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that
View source version on businesswire.com: https://www.businesswire.com/news/home/20220921005484/en/
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Source: Wolters Kluwer