The IRS and the Social Security Administration have released 2022 inflation-adjusted figures for more than 50 tax provisions. In addition to a 5.9% cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2022 adjustments generally are used on tax returns filed in 2023.
