In the last few years, people experienced high inflation, which can have various effects on the economy and individuals, such as raising production and employment costs for businesses, reducing purchasing power for consumers, and requiring interest rate increases by central banks to maintain price stability. As a result, the IRS takes action to adjust some prices that will affect taxpayers filing tax returns in 2022 and 2023. The IRS adjusted the following provisions for inflation, except for:

a) Social Security benefits in 2023.

b) Interest rate in 2023.

c) Exclusion of gifts in 2023.

d) The American Opportunity Tax Credit in 2022 and 2023.