IRS announces tax inflation adjustments – why your paycheck could see a bump

(NEXSTAR) – Millions of Americans could take home more pay in 2023 thanks to inflation adjustments to the tax code announced by the IRS Tuesday.Among the dozens of changes prompted by the soaring costs of food, rent, gasoline, and other items, the IRS is hiking the standard deduction for tax year 2023 by roughly 7 percent.
The standard deduction – which reduces the amount of income on which you're taxed – will go up $1,800 for married couples filing jointly to $27,700. For sing