On October 18, the IRS announced adjustments to tax brackets to fight rapid inflation. 60 tax provisions will be updated to counter those rising costs, including standard deductions for single and married filers, the IRS said.

For married couples this will increase to $27,700, and for single filers, it will be $13,850. Heads of household will see an increase of $1,400 to $20,800 for their standard deduction.

The top tax rate is still at 37% but will now apply to single filers earning more than $578,125 and couples making over $693,750.