Important Tax Figures for 2023
The following table provides some important federal tax information for 2023, as compared with 2022. Many of the dollar amount increases are higher than in past years due to inflation. * Only available for active-duty members of the military.** Provided by… Read more »
Read Full Newsletter »& 457 deferrals (Section 457(b)(2)), 2023 Tax, 401(k), 403(b), 403(b) Deferrals (Section 402(g)), 457 & SARSEP additional "catch-up" contributions for employees age 50 and older, Amount used to reduce the net unearned income reported on a child's return that's subject to the Kiddie Tax, Amount you can give each recipient, Annual Gift Exclusion, Business Equipment, Business Meals, Business mileage, Charitable mileage, Compensation defining highly compensated employee (Section 414(q)(1)(B)), Compensation defining key employee (officer) in a top-heavy plan, Compensation triggering Simplified Employee Pension contribution requirement (Section 408(k)(2)(c)), Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)), Defined Contribution Plan limit on additions (Sections 415(c)(1)(A)), Domestic Employees, Driving Deductions, Employee portion of Medicare, Employee portion of Social Security, Estate Tax, etc., Federal estate tax exemption, General deduction for eligible business-related food and beverage expenses, Heads of Household, house cleaners, Important Tax Figures for 2023, Individual Retirement Accounts, Kiddie Tax, Married filing jointly, Maximum compensation used to determine contributions, Maximum estate tax rate, Maximum Section 179 deduction, Medical and eligible moving*, Medicare Tax Wage Base, Monthly commuter highway vehicle and transit pass, Monthly qualified parking, per mile, Phase out for Section 179, Qualified Plan Limits, Roth and traditional IRA additional annual "catch-up" contributions for account owners age 50 and older, Roth IRA Individual, SARSEP, SIMPLE additional "catch-up" contributions for employees age 50 and older, SIMPLE deferrals (Section 408(p)(2)(A)), Single (and married filing separately), Social Security, Social Security Tax Wage Base, Social Security/ Medicare, Standard Deduction, Tax, Threshold when a domestic employer must withhold and pay FICA for babysitters, Traditional IRA Individual, Transportation Fringe Benefit Exclusion, up to 100% of earned income