Projected Brackets, Standard Deductions And More

The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) increased by 0.2% on a seasonally adjusted basis in August after rising the same level in July—over the last 12 months, the all items index increased 2.5% before seasonal adjustment. You won’t just feel the impact of those boosts in your wallet; you’ll also see them on your tax forms. Those higher numbers (although slight) push out deduction limitations and will result in upward adjustments to tax brackets and increases to other key thresholds.