MEDIA ALERT — 2023 Projections for Inflation-Adjusted Tax Brackets and Other Amounts

Wolters Kluwer Tax & Accounting looks at the recently released Consumer Price Index Percentages to Project 2023 Inflation Adjustments for Certain Tax Amounts

What: Many of the amounts in the Internal Revenue Code are subject to annual inflation adjustments. Many of these adjustments are tied to Consumer Price Index numbers released in mid-September. Wolters Kluwer utilizes these CPI numbers to project the 2023 adjustments to the Tax Code amounts tied to these CPI numbers. The IRS typically will issue the official 2023 adjustments in November 2022.

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Full report: 2023 Projection for Inflation-Adjusted Tax Brackets and Other Amounts

Why: The projections provide taxpayers and tax advisors with a first look at what these 2023 tax numbers might look like to assist in 2022 year-end tax planning. With 2022 inflation being higher than in recent years, the projected changes in tax amounts are also larger than has been the case in recent years. This link contains the details:

Some of the 2023 tax amount projections include:

• Tax Rate Tables
• Capital Gains Rate Table
• Standard Deduction Table
• Estate and Gift Tax Unified Credit and Annual Gift Tax Exclusion
• Adoption Credit
• Alternative Minimum Tax
• Flexible Spending Account Limit
• Foreign Earned Income Exclusion

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst, for Wolters Kluwer Tax & Accounting, can help discuss these projected inflation adjustments for 2023 and their implications for tax planning.

PLEASE NOTE: These materials are designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering tax advice or accounting, legal, tax or other professional service.

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