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Kiplinger
Kiplinger
Business
Kelley R. Taylor

How Inflation Impacts Your Taxes

Inflated balloon surrounded by deflated balloons.

Inflation has been on many people's minds lately, especially when you go to the grocery store for a few items and leave with a sky-high amount on your receipt.

Thankfully, there may be a potential silver lining when it comes to taxes. That's because the IRS makes annual inflation adjustments to many tax provisions, which could help offset the impact of rising prices.

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