The IRS is adjusting 2022 standard deductions due to inflation: What that means to you?

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The IRS is adjusting 2022 standard deductions due to inflation: What that means to you?
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Adjustments in the federal tax brackets will results in increases in standard deductions.

that it is boosting federal tax brackets for 2022 due to faster inflation, including increases in standard deductions.

Last year's tax bracket income thresholds increased by about 1 percent from the prior year; in 2022, the new bracket will thresholds will see an increase of around 3 percent.10 percent tax bracket: Single individuals earning up to $10,275 and married couples filing jointly earning up to $20,550. 24 percent tax bracket: Single filers earning more than $89,075 and married couples filing jointly earning over $178,150.

37 percent tax bracket: Single filers earning more than $539,900 and married couples filing jointly earning over $647,850.

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