(CNN)– The Internal Revenue Service (IRS) is making changes that will affect your federal taxes this year and next.

The tax return line item updates announced Thursday, Oct. 9, are based on the effects of inflation, but also due to provisions in the new tax law enacted in July.

How the adjustments affect you has everything to do with what deductions you take and what your taxable income will be.

But tax experts say many taxpayers will see some modest ‘relief’ in their taxes because the deductions will lessen the impact of inflation.

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