I hope you enjoyed your time off for the holidays this year because we’re about to dive head-first into tax talk. Was your New Year’s Resolution to be more educated when it comes to taxes? Start with these IRS inflation adjustments:
TAX BRACKETS: While tax rates have remained the same, the IRS has increased the income brackets for each tax rate for the 2023 tax year.
STANDARD DEDUCTION: The IRS has adjusted the standard deduction for each filing status due to inflation.
401(k) CONTRIBUTION LIMIT: The individual 401(k) annual contribution limit has increased to $22,500 ($30,000 for ages 50 and older).
IRA CONTRIBUTION LIMIT: The IRA annual contribution limit has increased to $6,500 ($7,500 for ages 50 and older).
Not sure where you stand? Let us get your bookkeeping organized to make this season a breeze for you.
Need a tax professional? I’ve got a referral for you. Send me a message.
I’ve never met a client who loves tax season… and I get it! You’ve got enough on your plate without worrying about penalties, fines, or audits if you get something wrong.
If you’re dreading filing your taxes this year, I’ve put together a FREE Tax Season Survival Guide that might help you feel a little bit better!
A little sneak peek of what’s included:
