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2023 TAX CHANGES
Below is a summary of the most significant changes for tax year 2023:
Income Tax Brackets: The marginal rates are still the same (10%, 12%, 22%, 24%, 32%, 35% and 37%), however, the IRS has adjusted the brackets (the income thresholds that are connected to these marginal rates) to account for inflation.
The standard deduction increased for each filing status:
Single or Married, Filing Separately - $13,850
Head of Household - $20,800
Married, Filing Jointly or Qualifying Widow(er) - $27,700
Taxpayers who are 65 and older qualify for an additional standard deduction:
Single or Head of Household - $1,850
Married, Filing Separately or Jointly - $1,500 per eligible spouse
2023 Mileage Rates: 65.5 cents/mile for business; 22 cents/mile for medical; 14 cents/mile for charity
Income Tax Brackets: The marginal rates are still the same (10%, 12%, 22%, 24%, 32%, 35% and 37%), however, the IRS has adjusted the brackets (the income thresholds that are connected to these marginal rates) to account for inflation.
The standard deduction increased for each filing status:
Single or Married, Filing Separately - $13,850
Head of Household - $20,800
Married, Filing Jointly or Qualifying Widow(er) - $27,700
Taxpayers who are 65 and older qualify for an additional standard deduction:
Single or Head of Household - $1,850
Married, Filing Separately or Jointly - $1,500 per eligible spouse
2023 Mileage Rates: 65.5 cents/mile for business; 22 cents/mile for medical; 14 cents/mile for charity