What Is the IRS Inflation Adjustment for 2023?

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
What Is the IRS Inflation Adjustment for 2023?

Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
Every year inflation is adjusted into our tax code. So every year, you might be able to make a few dollars more to stay in a certain tax code. But if you’re looking at Roth conversions, you’re looking at selling stock, and you’re trying to figure out, “How much am I going to owe in either capital gains or ordinary income?” It’s a little bit more complicated because one thing you don’t see a lot of people talk about is that tax on capital gains is actually 15, 18.8, and then jumps directly to 23.8. There is no 20% capital gains rates. If you want to know how much you’re going to owe, then you probably need to sit down with me. Call me at 615-367-0819.

Announcer 0:51
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.