IRS Announces New Tax Return Adjustments Tied to Inflation

The Internal Revenue Service is making changes that could affect your federal taxes this year and next.

The agency announced Thursday that tax return line items are being updated to reflect the impact of inflation as well as new provisions in the tax law enacted in July.

How these adjustments affect you will depend on the deductions you claim and your taxable income. But according to tax experts, many taxpayers will see modest relief as increased deductions help offset the impact of inflation.

For more details on how the changes might affect your tax filing, you can visit IRS.gov.