Inflation adjustments will impact tax provisions

The Internal Revenue Service last week announced some 60 tax provisions that will be impacted by inflation adjustments in 2022. The adjustments made were a little more than 3% on average, the agency noted. Inflation adjustments impact a range of tax provisions including income tax brackets, standard deductions, and many tax credits. In addition, the adjustments also impact IRS penalties and interest charges.

Leave a Reply

Your email address will not be published. Required fields are marked *