High Inflation Could Actually Save You Money On Taxes
Price inflation has put a hurting on most people’s wallets – but believe it or not, high inflation could save you some money at tax time.
Each year, the federal government adjusts the tax code, tweaking things like the standard deduction or tax brackets.
With inflation at a 40-year high, those tweaks are expected to be much greater this time around. That means you could find yourself in a lower tax bracket this year.
And some analysts expect the standard deduction to increase by more than $1,100 in 2023.
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