The IRS on Thursday announced adjustments it is making to a host of line items on your federal tax return for this year and next. Those updates are the result of changes in inflation but also due to provisions in the new tax law enacted in July.
How the adjustments will affect you has everything to do with what deductions you take and what your taxable income will be.
But, generally speaking, “many taxpayers will see modest ‘relief’ simply because the deductions and thresholds move upward.
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