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- Some of the changes in 2023 federal taxes are12:
- The standard deduction for married couples filing jointly rises to $27,700, up $1,800 from the prior year1.
- The top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly)1.
- The maximum annual pensionable earnings amount for CPP contributions increases to $66,6002.
- The maximum annual insurable earnings limit for EI contributions increases to $61,500 and the contribution rate increases to 1.63%2.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts:
- The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. ...
www.irs.gov/newsroom/irs-provides-tax-inflation-ad…TAX CHANGES FOR INDIVIDUALS FOR 2023
- Indexation and other increases: ...
- CPP contributions and maximum pensionable earnings: The maximum annual pensionable earnings amount was increased to $66,600. ...
www.cpacanada.ca/en/business-and-accounting-re… - People also ask
IRS provides tax inflation adjustments for tax year 2023
The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of the deduction is $0.54 increased (but … See more
The tax year 2023 adjustments described below generally apply to tax returns filed in 2024. The tax items for tax year 2023 of greatest interest to most taxpayers … See more
By statute, certain items that were indexed for inflation in the past are currently not adjusted. 1. The personal exemption for tax year 2023 remains at 0, as it was for … See more
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