12/3/2023 0 Comments 2023 federal tax bracketsTax-exempt gifts will also increase from a value limit of $16,000 to $17,000 in 2023. The IRS will exempt up to $12.92 million before taxing a deceased person’s estate, a jump of more than 7% from last year. Wealthy Americans will have some opportunities to qualify for asset tax exemptions in 2023. Flexible spending accounts-which allow workers to set aside money for medical expenses and eventually withdraw those savings before incurring taxes-will have a higher contribution limit of $3,050 next year, compared to this year’s limit of $2,850. The Earned Income Tax Credit, which helps working-class filers get a tax break, will raise its claim limit to $7,430 for households with at least three children, a jump of nearly $500. Other changes to certain widely-used tax credits could be helpful for low to moderate-income filers. Here are the federal income tax rates and brackets for 2023.
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