The IRS has warned that 2023 tax refunds may be smaller due to changes in tax laws affecting tax brackets, standard deductions, and credits. Taxpayers are urged to review their withholding allowances, make estimated tax payments, and seek advice to avoid surprises. Staying informed is key to minimizing financial impact.
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Washington - The yearly inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax modifications, were released by the Internal Revenue Service on the 18th of October, 2022. You can read further information on these yearly modifications in our article.