Earlier in November, the Internal Revenue Service released new inflation-adjusted federal tax brackets.
For background, according to the Tax Foundation: “On a yearly basis the Internal Revenue Service (IRS) adjusts more than 60 tax provisions for inflation to prevent what is called “bracket creep.”
Bracket creep occurs when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income.”
In other words, valuable information to have as we enter the new tax year.
Read more about this year’s tax brackets here.
