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Schmolke Investment Team

Tax Changes for 2023

At least I get to deliver some marginally good news today. The IRS is going to be raising the  Standard Deduction on Americans' personal income taxes as well as the thresholds for the different tax brackets. They are calling it an inflation adjustment. Assuming your income and financial position stays the same, you should pay less in income taxes next year than you did this year. But nothing ever stays the same, so most definitely contact a tax professional to go over your specific situation. 

Click here to go to the IRS website where they outline all the changes they are implementing for next year.

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