The IRS Will Let You Keep More Of Your Paycheck In 2023

The video discusses the impact of inflation on tax brackets and the adjustments made by the tax agency. It highlights the increase in the standard deduction for 2023 income, affecting tax filings in 2024. The highest income tax bracket will now apply after $578,000, providing a lower tax rate for some high earners. Additionally, teachers can now deduct up to $300 for classroom expenses, up from $250, aiding those who spend out of pocket for student supplies.

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