(WTRF) – Some good news tonight from… believe it or not, the IRS of all places.

The Internal Revenue Service recently released their 2022 inflation adjustments. As a result many taxpayers will actually find themselves in a lower tax bracket. Each year the IRS adjusts tax rates to help make sure those who receive pay raises are not facing a higher tax rate.

This year however due to rapidly rising inflation, those adjustments are much more significant. The results of which could lead to substantial savings for many families.

“So the average household should save a couple hundred bucks. I’m not a tax accountant. You got to talk to your CPA or tax accountant about that. But generally speaking, doing the math, you are probably saving a couple hundred bucks. Which for a lot of families that could be a whole bag of groceries, they could get over the next few weeks. That’s another tank of gas. It could be a trip. It could be anything. So anything helps right now. Anything helps.”

Shawn Rohrig. President Rohrig Financial

Even more good news. The IRS is also raising the standard deductions, which comes right off your taxable income.