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TaxWatch: IRS releases new standard deductions and tax brackets as inflation soars

Tax season is months away, but it’s never too soon to know what to expect when it comes to potential refunds — especially when inflation is gnawing at household budgets.

Hours after data came out showing the rate of inflation hit a 31-year high in October, the Internal Revenue Service announced how much certain inflation-indexed tax provisions would be adjusted for returns filed in 2023.


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