{"id":11826,"date":"2022-12-15T07:00:00","date_gmt":"2022-12-15T12:00:00","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=11826"},"modified":"2024-08-28T02:59:46","modified_gmt":"2024-08-28T06:59:46","slug":"how-the-new-standard-deduction-will-affect-you","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/how-the-new-standard-deduction-will-affect-you\/","title":{"rendered":"How The New Standard Deduction Will Affect You"},"content":{"rendered":"\n
As the year comes to an end, it is vital to take note of all\nthe changes made by the Internal Revenue Service (IRS) for the coming year.\n2023 may be a challenging year, with the economy speculated to go into\nrecession soon. Financial planning is of utmost importance at this time to\nensure that you do not lose money and are able to maintain your savings.<\/p>\n\n\n\n
Income tax is one of the things that can damage your financial security. The income tax is a mandatory tax that you pay to the government if you have an earned income in a given financial year. The rate of income tax can differ based on your filing status and the amount of money you make in a year. There are seven income tax rates in the U.S.: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Depending on your income and filing status, you can fall into any of these tax brackets. However, you are not directly taxed on your income. The government offers a standard deduction that you can use to lower your income tax for the year. Consider reaching out to a professional financial advisor<\/strong><\/a> who can guide you on how to manage your taxes and what impact the new standard deduction will have on your finances. <\/p>\n\n\n\n