Alimony audits The U.S. Treasury Department recently released an audit report revealing a disturbing level of non-compliance in alimony reporting on tax returns. This non-compliance will result in a vast increase in tax return reviews now and in the years to come. Here is what you need to know. The Study The Treasury Inspector General […]
Here’s a quick review of some of the tax changes you’ll see from 2022 to 2023 as a result of inflation adjustments and new tax laws. Provision 2023 2022 +/- Business equipment Sec. 179 expensing deduction $1,160,000 $1,080,000 +$80,000 Total purchase limit for full Sec. 179 expensing deduction $2,890,000 $2,700,000 +$190,000 Standard mileage rate: business […]
Always know your marginal tax rate. Use the tax table here to see the rates applied to each level of your income. SINGLE Tax Rate 2023 2022 10% $1 – 11,000 $1 – 10,275 12% 11,001- 44,725 10,276 – 41,775 22% 44,726 – 95,375 41,776 – 89,075 24% 95,376 – 182,100 89,076 – 170,050 32% […]
2022 Tax Rate Taxable Income 10% 0 – 2,750 24% 2,751 – 9,850 35% 9,851 – 13,450 37% Over 13,450 2023 Tax Rate Taxable Income 10% 0 – 2,900 24% 2,901 – 10,550 35% 10,551 – 14,450 37% Over 14,450 Contact us for more information.
Corporate tax rates and Section 179 expense limits are noted here for your use. C Corporations Pass Through Entities (S corps, partnerships and sole proprietors) *Select companies above these limits may have the income deduction reduced based on wages, property and type of business. Section 179 Business Expensing Limits Contact us for more information.
Mileage Type 2023 2022 Business miles 65.5¢ per mile 58.5¢/62.5¢ per mile Medical and moving miles* 16¢ per mile 18¢/22¢ per mile Charitable miles 14¢ per mile 14¢ per mile * Miles deducted as a moving expense are limited to a permanent change of station for military purposes only. Contact us for more information.
Retirement Plan Contribution Limits 2022 2023 IRA for those under age 50 $6,000 $6,500 IRA for those 50 and over $7,000 $7,500 SIMPLE plan for those under age 50 $14,000 $15,500 SIMPLE plan for those 50 and over $17,000 $19,000 401(k) plan for those under age 50 $20,500 $22,500 401(k) plan for those 50 and […]
Standard Deduction The standard deduction increases by $1,500 for a married taxpayer aged 65 or older or blind ($3,000 if both 65 and blind); by $1,850 for a single taxpayer aged 65 or older or blind ($3,700 if both 65 and blind). Personal Exemptions: Suspended through 2025 No personal exemption is allowed to an individual who […]
Question: Is there anything wrong with getting a big income tax refund every year? Answer: Yes, it means you’re giving the IRS an interest-free loan when you could have the use of that money during the year to invest for yourself. Steps to take. As early as possible each year; Contact us for more information.
Having a good accountant can do more than just prepare your tax return. He or she can assist you with – An accountant can provide you with year-round planning for your tax, financial, and business affairs. Such planning is essential if you want to realize your financial goals. Contact us for more information.