IRS changes will give more cash back to many Indiana residents

Jake Wells
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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.

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