AUGUSTA, Ga (WJBF)- Those W-2’s and other tax documents are starting to roll in and people are preparing to file their income tax returns. But there are a few changes this year at both the federal and state income tax levels.
Americans spent more money in 2023 because of inflation, but the good news is that there are new tax breaks that could put some money back in your pocket.
The biggest change is the increase tax brackets and along with it, a bigger standard deduction, which means you could be paying less in taxes.
“Basically as far as the standard deduction, that takes off of your taxable income and reduces the amount that you’re taxed on. So you can always account from your wages. If you made $30,000 for the year, and if you are married, that $27,800 comes off of that, and technically you’re only taxed on $3,000 of your income versus the whole $30,000,” explained Denice Golden, owner of ‘File by Golden,’ formerly ‘Jane’s Income tax and Bookkeeping’ in North Augusta.