09/22/2023
Taxes are always changing 💰 and while these changes won’t affect how you file in April, they may affect your financial decisions in 2023. Here are the biggest changes:
✅ Federal income tax brackets will increase, allowing taxpayers to shield more of their hard-earned income from taxation. You can find your new tax bracket here: https://www.cnbc.com/2022/10/19/irs-here-are-the-new-income-tax-brackets-for-2023.html
✅ The standard deduction is increasing for both married couples filing jointly and single taxpayers.
✅ The new IRS limit for FSA contributions for 2023 is $3,050, an increase of 7% from 2022’s threshold of $2,850.
Let us know if you have any questions or want to learn more! And share this post to help keep others in the loop ➡️
Sources: Inflation Adjustments Mean Lower Tax Rates for Some in 2023, The New York Times; The IRS just changed its tax brackets. Here's the impact on your taxes, CBS News