Let’s sum it all up
Planning for your retirement is essential. Knowing what tax cuts are coming up is priceless! But there are a lot of elements you should be well-informed about.
From higher limits for savings to increased government payments, make sure you know what changes are coming up so you can adequately plan out the rest of your life. Furthermore, the standard deduction will increase.
For married couples, the bump will be from $1,800 to $27,700. And for single filers, that increase will be from $900 to $13,850. These tax cuts reflect record inflation of 8.2% up to September 2022.
So if your earnings couldn’t entirely keep up with the price increases on everyday items like gas and groceries, the great news is that you might find yourself with a bit more cash when it’s time to settle your tax bill.
If you think you might need some help planning out your retirement, you should think about finding a financial advisor. And if you have a 401(k), ensure you’re taking advantage of all employer matches available to you.
We hope you found this article about 2023’s tax cuts helpful. And if you’re looking for even more great tips regarding taxes and your retirement, our site has many more great reads. We highly recommend reading: Ready to Use Your 401(k)? Unlock Your Possibilities Here