Many companies featured on Money advertise with us. Opinions are our own, but compensation and
in-depth research may determine where and how companies appear. Learn more about how we make money.

Published: Feb 21, 2024 8 min read
Illustration depicting the new tax form for 2023 filing
Rangely García for Money

The past few years have been a rollercoaster for the IRS and taxpayers alike. In 2020, Congress passed two rounds of stimulus checks, and Tax Day was postponed until July; in 2021, there was one final round of stimulus checks, Tax Day was postponed until May, and the expanded child tax credit took effect. The following years saw a slew of COVID-era tax provisions expire one by one…

…and now we’re here.

“This tax season, the good news is there aren’t a lot of changes, so people can actually have kind of a normal filing experience,” says Kathy Pickering, chief tax officer for H&R Block.

Congress hasn’t passed much consequential, or at least broadly applicable, tax legislation since the Tax Cuts and Jobs Act of 2017. But just because there aren't significant shifts in IRS policy this year doesn’t mean you can fill out your 1040 on autopilot. Here's what you need to know before you file your taxes:

Ads by Money. We may be compensated if you click this ad.AdAds by Money disclaimer
The right Tax Relief firm makes all the difference, especially if you owe over $10,000 in taxes.
Get the tailored experience that you expect from the tax litigation professionals in your area. Click on your state to get started!
HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas
Get Started

The standard deduction and tax brackets have changed

Every fall, the IRS adjusts its tax brackets and standard deduction to account for inflation. Because inflation has been running high lately, these tweaks have been significant. For the 2023 tax year, the IRS boosted the standard deduction by about 7%, raising it to $13,850 — a $900 increase from 2022.