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Tax Tips

2023 Inflation Adjustments

IRS Announces 2023 Inflation Adjustments for Several Key Tax Figures

The IRS has announced the cost-of-living adjustments (COLA) for the items below for the 2023 tax year [Rev Proc 2022-38, IR 2022-182]. Qualified transportation fringe benefits. For 2023, an employee will be able to exclude up to $300 a month for qualified parking expenses, and up to $300 per month or the combined value of transit passes and transportation in a …

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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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lower your income tax bill

Running a business from home can help you lower your income tax bill

If you use part of your home for business, you might be able to deduct home business expenses. You must meet some requirements per IRS publication 334. You can deduct a percentage of many of the costs of running your home, such as utilities, rent, insurance, depreciation, mortgage interest, real estate taxes and that percentage …

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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 …

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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 …

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