IRS Announces Increase to Standard Deductions for 2023

The IRS announced that all seven federal income tax bracket levels will be revised upward, increasing the standard deduction amount for taxpayers. This announcement comes as inflation continues to rise, with an 8.2% increase over the last 12 months.

The standard deduction for married couples filing jointly will rise to $27,700 – up $1,800 from 2022. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900; for heads of households, the standard deduction will be $20,800, up $1,400.

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