IRS Releases New Tax Deductions

Here's everything you need to know.

The IRS has stated that there is new standard tax deductions and brackets following the high inflation rate that is currently effecting the country. They have added that these changes will apply in 2022.

This new change is being made because of the high inflation rate that October had. They added that more adjustments will be made in the future to fit in with the market rates. The new deduction rates rise to $25,100 for married couples. This rate is a $300 increase from the previous rate.

Many tax filers should look out for these changes when filing their tax returns in 2022.