It is not surprising that many people in Washington state are feeling the effects of inflation in their wallets because inflation has been hitting the state particularly hard.
For instance, according to the most recent data from the Consumer Price Index, the inflation rate in Seattle was 8.4% in December 2017, making it the third highest among large cities in the entire country.
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The Internal Revenue Service (IRS) has, thankfully, taken note of this issue and is working to make some changes in order to put more money in your pocket when you submit your taxes for the year 2023.
For the tax year 2023, for instance, the standard deduction for married couples filing jointly would increase to $27,700, which is an increase of $1,800 compared to the previous year.
So, How Much More Money Are You Going to Be Able to Save?
The standard deduction will increase to $13,850 for single taxpayers and married individuals filing separately in 2023, which is an increase of $900 from the amount for the tax year 2022.
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Meanwhile, the standard deduction for heads of households will increase to $20,800 for the tax year 2023, which is an increase of $1,400 from the amount for the tax year 2022.
