Every year, the IRS looks at and typically adjusts the a bunch of tax provisions to account for inflation and laws passed by congress. Here are the IRS's latest updated for the 2022 tax year - - this is these will effect the taxes when you file next year, i.e.. the income you earn in 2022.1
The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
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Highlights of changes in Revenue Procedure 2021-45 2:
The tax year 2022 adjustments described below generally apply to tax returns filed in 2023.
The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts:
- The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.
- The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.
2. IR-2021-219, November 10, 2021