7 Tax Inflation Adjustments to Look Out For CHANGES FOR 2023 TAX SEASON
As we start 2023, now is the time to prepare your taxes for the upcoming tax return season. By collecting the necessary documents early, you’ll have an easier time when you begin filing. As you prepare, there are a few changes you need to be aware of for the upcoming tax season. On Oct. 18, 2022, the IRS announced several changes to 2023’s tax year and made adjustments due to inflation. Here’s what you need to know. Standard Deductions For married couples filing jointly , the standard deduction rose to $27,700 . Likewise, single filers can now claim $13,850 .
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32% for incomes over $182,100 (single) and $364,200 (married) 24% for incomes over $95,375 (single) and $190,750 (married) 22% for incomes over $44,725 (single) and $89,450 (married) 12% for incomes over $11,00 (single) and $22,00 (married)
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You can now contribute $22,500 to your 401(k) and IRA plans beginning in 2023.
The Alternative Minimum Tax exemption starts at $81,300 and phases out at $578,150. Exemptions for married couples filing jointly will begin to phase out at $1,156,300. For Earned Income Credit , the maximum amount is $7,430 for qualifying taxpayers who have three or more qualifying children. The Educator Credit went from $250 to $300 for the upcoming tax season if you’re a teacher.
The gift tax exclusion in 2022 was $16,00, but now in 2023, the maximum will be $17,000. Many increases have occurred for the upcoming tax season. If you have questions or concerns about these changes and how they affect you, please call your friends at Captial Advisory Group today. We will be happy to review these adjustments and ensure all of your information is prepared and correct.
Marginal Rates •
37% for incomes over $578,125 (single) and $693,750 (married) 35% for incomes over $231,250 (single) and $462,500 (married)
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EASY CHERRY COBBLER
Directions
Ingredients On a cold winter night, few things are better than warm bites of yummy cobbler. This recipe’s sweet and fluffy crust perfectly balances the tart cherry filling to create the ultimate after-dinner treat. • 1/4 cup salted butter, melted • 1 cup cake flour or all- purpose flour • 1 cup granulated sugar • 1 tsp baking powder • 1 cup milk • 1 21-oz can cherry pie filling
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1. Preheat oven to 350 F. 2. In the bottom of a 2.5-qt baking dish, pour melted butter. 3. In a medium bowl, whisk together flour, sugar, baking powder, and milk until combined. 4. In the baking dish, pour batter over the butter, and don’t stir. Then, pour the cherry pie filling over the batter, and don’t stir. 5. Bake 45 minutes, or until crust is golden brown. Let stand 10 minutes before serving.
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