SEATTLE (KOMO) — As this year’s tax filing season comes to an end, it’s time to look at the major changes that will impact next year’s federal tax returns.
“Each year, the IRS adjusts more than 60 provisions in the individual income tax code,” said Erica York, senior economist with the non-profit Tax Foundation. “This year, it probably stands out more to people because inflation has been running so high, the adjustments are more noticeable than normal.”
Here are the key provisions that will affect most taxpayers:
Standard deduction goes up
Rather than itemize, most people take the standard deduction to lower their taxable income. For tax year 2023 (the return you will file in 2024) the standard deductions will increase by almost 7% for all filers.
