Day: December 9, 2022

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IRS Announces Inflation Adjustments for 2023 Tax Year

Because inflation is high, many IRS inflation adjustments for 2023 will change more than they have in recent years. In the IRS Revenue Procedure 2022-38, it details these amounts. The following chart shows how these adjustments compare to amounts for 2022. Refer to these changes for your individual tax planning.   In addition, the Social

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2022 Year-End Tax Planning for Individuals

Ever since the Tax Cuts and Jobs Act of 2017 (TCJA) basically doubled the standard deduction amounts for many individual taxpayers, more households are opting for the standard deduction. For this year, the standard deduction allowances are: $12,950 for single people and married individuals filing separate returns, $19,400 for people who use head-of-household filing status,

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