Title Image

Here’s a Preview of Changes in Tax Brackets This Coming 2023

Here’s a Preview of Changes in Tax Brackets This Coming 2023

The IRS is making changes to the tax brackets for 2023. These changes are being made to avoid something called bracket creep, which occurs when a person’s wages are increased to keep up with inflation but there is no change in that person’s standard of living. Although adjusting tax brackets to account for inflation is normal procedure for the IRS, the changes are more significant this year because of the rapid rise in inflation. The good news is that some taxpayers could end up saving money on their taxes.

Changes to Individual and Joint Tax Brackets

Most tax brackets will be increased by about seven percent next year. As a result, many taxpayers will fall into a lower bracket that carries a lower tax rate. This could save a married couple earning a joint income of $200,000 as much as $900 on their taxes. Other taxpayers, including individual filers, should see similar results. Only the tax brackets within each filing status are being changed. The tax rate for each bracket will remain the same.

Changes to the Standard Deduction

The standard deduction, which is what most taxpayers claim, is also slated to increase by about seven percent. The standard deduction reduces a taxpayer’s net income, which thereby reduces the amount of tax that they owe. For 2023, the standard deduction for single taxpayers will increase from $12,950 to $13,850, and married couples filing jointly will see their standard deduction rise from $25,900 to $27,700.

Other Changes Being Made by the IRS

In addition to tax brackets, changes are also being made to such things as flexible spending accounts and earned income tax credits (EITC). Both of these are designed to help taxpayers in the lower to moderate income tax brackets reduce their taxes or increase their income. For 2023, the EITC will range from $600 to $7,430. Changes are also being made to the alternative minimum tax (AMT) and to the capital gains tax rates.

Have questions?  Speak to a Private Eyes expert for more information.

Coming Soon!

The New Private Eyes Platform.

Background Checks | LegacyLender Solutions | Login

For any questions contact us at (925) 927-3333.

Site Security Notification

 

Use the buttons below to continue your login.

For SITE SECURITY purposes and to ensure that this service remains available to all users, this computer system employs software programs to monitor network traffic to identify unauthorized attempts to upload or change information, or otherwise cause damage. Unauthorized attempts to upload information or change information on this service are strictly prohibited and may be punishable under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act.

NOTICE: We will not obtain personally-identifying information about you when you visit our site unless you choose to provide such information to us.

Point of Contact for Security and Monitoring: Frank Santa Elena email: security@pebackgroundchecks.com Information Systems Security Officer (ISSO) for www.privateeyesbackgroundchecks.com phone (925) 927-3333.

For any questions contact us at (925) 927-3333.

Find the Right Lender Solution

Fill out the information below and we will contact you or call us at 925-927-3333



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Find the Right Background Screening Solution

Fill out the information below and we will contact you or call us at 925-927-3333.



First Name*
Last Name*
Email*
Phone*
Company*
Street
City
State
Zip Code
Number of Employees
Where did you hear about Private Eyes?

Candidate Assistance

If Private Eyes is running your background check, please contact our Customer Service department. A person on our team will be more than happy to assist you

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333

Private Eyes Customer Assistance

If you are a current customer, please contact our Customer Service department. A person on our team will be more than happy to assist you.

Email: CSS@pebackgroundchecks.com
Call: (925) 927-3333