IRS changes will give more cash back to many Indiana residents

Jake Wells

https://img.particlenews.com/image.php?url=0LexkE_0lVfbHQo00
wallet and moneyPhoto byEmil KalibradovonUnsplash

If you are a resident of Indiana, you already know that the state has been hit hard by inflation. A recent Consumer Price Index shared The food index has increased 9.5 percent. Prices for food at home rose 10.2 percent since a year ago, mainly due to a 14.6-percent increase for cereals and bakery products. (source)

Thankfully, there is some good news for you that should help you some financially. The IRS is also adjusting some tax components for inflation which means you'll see changes when you file your 2023 income tax teturn.

Where you will see changes on your taxes

You'll be saving in several areas when you file your taxes. One obvious place is where the standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022. (source)

If you would like more information about these changes, you can also visit this IRS webpage.

What do you think about this news from the IRS?

Please feel free to share your thoughts in the comments. If you found this article helpful or informative, please share it with friends or family on social media. Thanks!

Disclaimer: Please note that this article is only for educational and informational purposes. Please consult a professional before making any financial decisions.

Read full story in "NewsBreak" App
# money# economy# taxes# 2023# government

Comments / 44

Published by

Sharing helpful stories with you about local businesses, income taxes, and much more.

Akron, OH
49K followers

More from Jake Wells

Ohio State

New Bill Would Give Ohio Residents More Social Security Income

Are you or is someone you care about receiving Social Security income? Well, you'll want to know that United States Senators Bernie Sanders and Elizabeth Warren want to give you more money. Together these two United States Senators introduced the new Social Security Expansion Act. This act would expand Social Security benefits by $2,400 a year. In addition, the founders of this bill say that this bill would not raise taxes for over 93 percent of American households. (source)

Read full story
Alabama State

Will you still be receiving a $800 payment from the state?

If you're a taxpayer in Alabama, you probably heard that about payment of up to $800 coming your way according to an update. The state's government collected over $13 billion in the 2022 fiscal year. Governor Ivey wants to send the money back to taxpayers.

Read full story
1 comments
Akron, OH

This Ohio Small Business Is Changing Lives Through Soap

When you think of soap, you don't typically think of lives being changed. But that's exactly what Hope Soap is doing. The owner of Hope Soap is Nathan Walden. Nathan once struggled with a skin issue called dermatitis. After years of doctors appointments, testing, and medication, he decided to create his own remedy.

Read full story
Berea, OH

Rare creature found in Ohio park

Imagine jogging on a trail in the woods and you see a creature like nothing you've never seen before. That's exactly what happened to Tammy Stevens as she was running on the Bridle Trails in Berea, Ohio. Tammy found an albino raccoon, which is very rare. An estimated 1 in every 10,000-20,000 raccoons is born with albinism.

Read full story
1 comments
Virginia State

Huge changes to Medicaid in Virginia

If you or someone you know has Medicaid, you'll want to know that major changes are coming soon in Virginia. On May 1, an estimated 300,000 Virginians who rely on Medicaid for health coverage as the state re-evaluates their eligibility over the next 12 to 14 months.

Read full story
1 comments
Nevada State

Nevada residents can get thousands in homeowner program

If you’re a homeowner or renter and you're struggling to pay for your housing, here's some good news for you, as several options are available to help you financially. In fact you can get up to $100,000 for your mortgage. (source)

Read full story
Cuyahoga Falls, OH

Summer Reading Program starts at the Cuyahoga Falls Library

All ages are invited to join the Summer Reading Program at the Cuyahoga Falls Library. The program took off yesterday and all ages can sign up online on this page or in person at the library. The Cuyahoga Falls library is even giving out some really nice cloth registration bags to those who sign up first, so don't delay. One bag per family. You can visit the Children's Desk or Information Desk (on the upper level) to register or pick up a bag.

Read full story
Michigan State

Michigan residents can get up to $25,000 in new government program

Did you know that you may qualify to get up to $25,000 in money for your mortgage in Michigan? Here’s more information about these government programs that can give you money for your house payment.

Read full story
Ohio State

Ohio families would receive up to $3,600 per child each year in new proposal

Did you know that President Biden is calling for is the restoration of the full Child Tax Credit in the 2024 budget? This new proposal would expand the credit from $2,000 per child to $3,000 per child for children six years old and above and to $3,600 per child for children under six years of age. (source)

Read full story
4 comments
Ohio State

Major changes coming to Ohio Medicaid

Are you or a loved one receiving health insurance through Medicaid in Ohio? If so, you'll want to know that major changes are coming soon to this program. Medicaid has been operating under different regulations ever since a federal emergency was declared on Jan. 31, 2020, in response to the COVID-19 pandemic.

Read full story
3 comments
Ohio State

Ohio homeowners can still get up to $25,000 for their mortgage

If you’re a homeowner in Ohio, did you know that you can get up to $25,000 to pay your mortgage? There are even programs out there that will help you with your rent too. Let's talk about the programs available to those who own a home first.

Read full story
Ohio State

Senators want to give Ohio residents $2,400 more in Social Security income

Did you know that the Social Security Expansion Act was recently proposed by Senators Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.)? This new legislation proposal would expand Social Security benefits by $200 each month or $2,400 a year. The founders of this bill say that this bill would not raise taxes for over 93 percent of American households. (source)

Read full story
17 comments
Wisconsin State

Wisconsin homeowners can still get up to $50,000 for their mortgage

Are you a homeowner in Indiana that is struggling financially to pay your mortgage, property taxes, and other home-related expenses? You'll likely want to apply online to get some money through the Homeowner Assistance Fund where you may be eligible to receive up to $40,000 in funds from the government.

Read full story
Georgia State

Major changes to Medicaid and food assistance in Georgia

If you or someone you know has Medicaid or receives food benefits, you'll want to know that major changes are coming soon to both of these programs in Georgia. A federal emergency was declared on Jan. 31, 2020, in response to the COVID-19 pandemic. As a result, Congress enacted the Families First Coronavirus response Act (FFCRA), which included a requirement that Medicaid programs keep people continuously enrolled through the end of the month in which the COVID-19 public health emergency (PHE) stops.

Read full story
1 comments

New Jersey residents seeing Social Security income increase

Did you know that New Jersey residents are paying an average of $740 more⁠ each month due to inflation? This same source also says that the rate of inflation is as high as 12%. (source) Thankfully, here's some good news if you're one of the millions of Americans in the United States that receives Social Security Income. On average, the Social Security benefits have increased by $1,680 which comes out to $140 more per month for eligible recipients. The first checks started going out at the beginning of 2023.

Read full story
California State

New proposal would give California families up to $3,600 for each child

Did you know that President Biden is calling for is the restoration of the full Child Tax Credit in the 2024 budget? This new proposal would expand the credit from $2,000 per child to $3,000 per child for children six years old and above and to $3,600 per child for children under six years of age. (source)

Read full story
4 comments
Georgia State

Georgia residents can now save up to $18,000 with new program

If your feeling a bit financially strained right now, know you're not remotely alone. With inflation as high as 13% and paying an average of $600 more⁠ each month due to inflation according to this source, it is no wonder that you're feeling the financial pain.

Read full story

North Carolina homeowners can get up to $40,000 in stimulus money

North Carolinians pay billions of dollars in state and federal taxes every year. If you’re a homeowner, you may be entitled to get some of your hard-earned money back with the Homeowner Assistance Fund.

Read full story
14 comments

Did you get your one-time payment from the state of New Jersey? If not, here's what to do

Did you know that the state of New Jersey has been sending residents stimulus funds as property tax rebates to eligible homeowners and renters? The program is called Affordable New Jersey Communities for Homeowners and Renters (ANCHOR). The deadline to submit for this program was on February 28th but payments will be sent out through May. (source)

Read full story
12 comments
Indiana State

Indiana homeowners can get up to $50,000 for their mortgage and more

Did you know that the state of Indiana is still sitting on a pile of federal pandemic relief money? Best of all, you may be eligible to get some of this money for your mortgage, insurance, property taxes or more. In fact, you can get up to $50,000 in the Indiana Homeowners Assistance Fund program that I'm going to share about below.

Read full story

Comments / 0

Community Policy