News You Can Use: IRS announces tax inflation adjustments for 2023
Last month, the Internal Revenue Service announced its annual inflation adjustments for tax year 2023. In general, values have risen by about 7%. Notable changes include increases in:
- Standard deductions
- Marginal tax rates
- Unified gift and estate tax exemptions
- Annual gift tax exclusions
Learn more about these and other tax changes by visiting www.irs.gov, and contact Duke’s Office of Gift Planning at (919) 681-0464 or firstname.lastname@example.org to find out how these changes might impact your charitable giving plans.