The Internal Revenue Service (IRS) updates tax rates, allowances, and thresholds every year. These f

Here's a rundown of changes to limits and thresholds on some well-known tax provisions for the 2022 tax year.

Each year, the IRS does some tinkering and adjusting to various tax income thresholds and tax rate schedules. This is, by and large, a good thing — it can help to prevent the phenomenon known as "bracket creep," where inflation pushes a taxpayer into a higher tax bracket. Knowing what those annual adjustments are could also help you to plan ahead.

Here's a quick overview of some changes for the 2022 tax year, which will affect the tax return you'll file in 2023.

Tax brackets and tax rates

There are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your tax bracket is determined by your taxable income and filing status. For the 2022 tax year, the IRS bumped up the income thresholds for all filing statuses to account for inflation. You can compare the changes between 2021 and 2022 below.