We are seeing fewer unfavorable tax law changes for 2022 related to non-corporate small businesses. In fact, there are several favorable opportunities under the Tax Cuts and Jobs Act of 2017 (TCJA), the CARES Act and the Inflation Reduction Act (IRA) that you should discuss with your tax advisor. Note: With an additional $80 billion allocated to the Internal Revenue Service for additional staffing and “tax enforcement activities,” tax ... more
tax planning
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 Security Administration announced that the Social Security wage base (the amount of earnings subject to ... more
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, and $25,900 for married couples filing jointly. Slightly higher ... more