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Sunny Mornings with Joanna and Sean

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New IRS Rules Could Mean Bigger Paycheck

federal income tax return IRS 1040 documents with pen, calculato

Photo: Getty Images

Sure, inflation is causing a lot of price increases, but it may also affect your paychecks next year.

The IRS's inflation adjustments for 2023 federal tax income brackets could lower the amount of taxes on your checks.

“It is very likely that you would see more in your paycheck starting in January [due to the IRS inflation adjustments, which] tend to result in lower withholding for a given level of income,” Mark Luscombe, principal federal tax analyst for Wolters Kluwer Tax & Accounting told CNN.

Of course, the changes start in 2023 and will not affect your 2022 taxes.


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