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and Instructions for Tax Year 2023-2024

Arkansas Dfa Tax Payment 2023-2024 Form

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hey everyone welcome to today's video I hope you're having a fantastic day thanks so much for watching me and subscribing the IRS adjusted income tax brackets for inflation this year and many of us will see our tax bills get smaller next year the adjustments to the standard deduction and income tax brackets is really nothing out of the ordinary it is a completely standard practice but usually the change isn't as noticeable the adjustment by the way is driven by formula set by the Congress the entire purpose of this is to offset the effects of rising prices adjustments are made each year to avoid what's called bracket creep it is an increase in taxable income even when income has lost is purchasing power due to inflation so in a nutshell inflation prompted the IRS to raise thresholds for income tax brackets for tax year 22 23 because inflation is higher than at any time in the past four decades tax code adjustments are unusually high this year as well but this isn't some type of a gift

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