Your tax bill could be much lower this year – here's why

High inflation has ravaged millions of American families as the prices for everything from food to rent to health insurance surged over the past three years. But there is a surprising silver lining to inflation that many households can look forward to this year: a smaller tax bill.That's because the IRS annually adjusts the federal income tax bracket and standard deduction; in times of painfully high inflation, the increases are more significant and impactful for taxpayers. In 2023, the tax