"2023 Federal Income Tax Brackets Unveiled: What You Need to Know"

The federal income tax brackets for 2023 are expected to remain the same as in 2022, with increased income thresholds for each bracket. The brackets determine how much taxpayers owe on their taxable income after subtracting standard deductions. These adjustments aim to prevent taxpayers from moving into higher tax brackets as living expenses rise. Californians who have not yet filed their 2022 taxes have until October 16 to do so due to a tax extension granted to those affected by severe weather last year.