| Married Filling Joint Tax Bracket | Single Tax Bracket | Standard Deduction under/over 65 |
| $0 – $22,000 10% | $0 – $11,000 10% | Married joint: $27,700 / $30,700 |
| $22,001 – $89,450 12% | $11,001 – $44,725 12% | Single: $13,850 / $15,700 |
| $89,451 – $190,750 22% | $44,726 – $95,375 22% | Head of household: $20,800 / $22,650 |
| $190,751 – $364,200 24% | $95,376 – $182,100 24% | |
| $364,201 – $462,500 32% | $182,101 – $231,250 32% | |
| $462,501 – $693,750 35% | $231,251 – $578,125 35% | |
| Over – $693,750 37% | Over – $578,125 37% |
– All cash contributions must be substantiated by check or documentation from the charity to be deductible.
– Personal exemption: were phased out in 2018
– Maximum earnings subject to FICA tax: $160,2000
– Estimated tax payments are due by the 15th of Apr. Jun. Sep. and Jan.
– Annual per-donee gift tax exclusion is: $17,000
– Standard Mileage Rate: 65.5 cents
– Generally – Kiddie tax for under 18 years old with unearned income > $2,300.
– Generally, single dependents with earned income under $12,950 are not required to file a tax return.
– HSA deductible contribution limit: $3,850/single & $7,750/joint
– 3.8% Medicare surtax on net investment income for S/M over $200k/$250k
– 401(k) limit is: $22,500 plus $7,500 if >= 50
– Simple limit is: $15,500 plus $3,500 if >= 50
– IRA contribution (under age 50): $6,500
– IRA contribution (age 50 and over): $7,500
– 80% Bonus Depreciation in 2023, 60% 2024, 40% 2025, 20% 2026 & 0% 2027
– Section 179 Depreciation $1,080,000 before $2.7 million phase-out
– Qualified dividends & long term capital gains still: 0%/15%/20% for S/M > $492,300/$553,850
– Foreign earned income exclusion: $120,000
– HSA minimum deductible : $1,500/single & $3,000/joint
– 0.9% Medicare surtax for earned income S/M/HH over $125k/$250k/$200k
To obtain additional tax information on the IRS website click the adjacent link: IRS.gov
Information contained herein is current as of 03/11/2023, subject to legislative changes and is not intended to be legal or tax advice. Consult a qualified tax advisor regarding specific circumstances.