2022 & 2023 Tax Brackets (IRS Tax Rates) & Standard Deductions

This article has been updated for the 2022 and 2023 tax years. The IRS has released its 2023 tax brackets (a bracketed rate table for the IRS federal income tax rates) and updated standard deduction amounts, and there are a number of inflation adjustment increases over the 2022 tax brackets and standard deductions for taxpayers.

Since we’re still focused on 2022 for tax filing purposes, the 2022 tax brackets are also going to be of interest to readers when working on your upcoming tax return, so I have included those as well. And when armed with the below information for 2023, it would be an excellent time to calculate what your modified adjusted gross income will likely be next year and modify your tax withholding on your W4 form. This will help prevent being penalized for underpayment of taxes or getting a refund (which is really a form of self-penalization by letting the government borrow your money, interest-free, particularly when interest rates have gone back up).

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This article was written by G.E. Miller and originally published on 20somethingfinance.com