The IRS announced this week that 2022's income tax brackets will be higher.
"They moved it by 6.2%," Joe Bert, a Central Florida certified financial planner, said.
Bert noted that 6.2% is a significant jump.
"Generally, the tax bracket adjustments are only one maybe 2% per year," Bert said.
The reason behind the larger adjustment is the recent spike in inflation, he said.
"With the increase we've had in inflation, Social Security's adjusted and the tax brackets adjusted. There's supposed to be an index for inflation and that's what happened,” Bert said.
Bert said it could save some money in 2023.
"If your income hasn't changed much, you're probably going to pay a little less in taxes,” Bert said.
The IRS is also increasing the standard deduction. It will increase to $25,900 for married couples filing together, $12,950 for single taxpayers and $19,400 for heads of household.
The changes will apply to 2022 tax returns which are not filed until 2023.