FL - Correction: interest rates for second half of 2024 announced
The floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has released the annual inflation adjustments for 2023 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.
For 2023, the highest income tax bracket of 37 percent applies when taxable income hits:
The standard deduction for 2023 is:
The standard deduction for a dependent is limited to the greater of:
Individuals who are blind or at least 65 years old get an additional standard deduction of:
The AMT exemption for 2023 is:
The exemption amounts phase out in 2023 when AMT exceeds:
For tax years beginning in 2023, taxpayers can expense up to $1,160,000 in Code Sec. 179 property. However, this dollar limit is reduced when the cost of Code Sec. 179 property placed in service during the year exceeds $2,890,000.
The following inflation adjustments apply to federal estate and gift taxes in 2023:
The maximum foreign earned income exclusion amount in 2023 is $120,000.
The IRS also provided inflation-adjusted amounts for the:
These inflation adjustments generally apply to tax years beginning in 2023, so they affect most returns that will be filed in 2024. However, some specified figures apply to transactions or events in calendar year 2023.
The floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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