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Top Personal Tax Deductions

Top Personal Tax Deductions

Most of the best tax breaks for individuals can only be used if you itemize your deductions instead of just taking the standard deduction. Since 2018, when the standard deduction was almost doubled, only about 11% of taxpayers today itemize. For 2022, the standard deduction for single people is $12,950 and for married people filing

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Health savings Account

IRS raises HSA limits for 2023 amid soaring inflation

The Internal Revenue Service issued its annual inflation-adjusted amounts Friday for health savings accounts next year as the inflation rate surged to the highest level in decades. In Revenue Procedure 2022-24, the IRS said for calendar year 2023, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is

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gift tax

The new 2020 higher Estate and Gift tax threshold will allow married couples to pass on $720,000 more Tax Free

The federal estate and gift tax exemption is set to climb to $12.06 million per individual for deaths occurring in 2022, up from $11.7 million in 2021, according to new Internal Revenue Service inflation-adjusted numbers. The gift tax annual exclusion amount will also rise starting 2022 to $16,000,up from $15,000 The IRS announced the new

The new 2020 higher Estate and Gift tax threshold will allow married couples to pass on $720,000 more Tax Free Read More »

Latest tax plan targets, the hunt for cash to fund social spending agenda!

Democrats have leaned into the wallets of the wealthy in their demand for cash to fund an outsized social spending agenda. The latest proposals could lead to higher taxes for working professionals and business owners who make good money but aren’t crazy rich – a stark contrast to his earlier focus on billionaires.   After

Latest tax plan targets, the hunt for cash to fund social spending agenda! Read More »

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