Heads of households: $19,400 for tax year 2022Īnd the agency recently announced the retirement plan contribution changes for 2022. Here’s a look at the standard deduction amounts for the 2022 tax year. However, for the 2023 tax year, the 22 federal tax bracket for single taxpayers covers 50,650 of income (44,726 to 95,375), which represents a 7.1 increase in the bracket’s width from 2022 to 2023more than double the growth rate from the previous year. It’s important to evaluate your specific situation to determine which option is best for you.
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