Tax Season is right around the corner. My office will open on January 6, 2023 at 9am, my office will be in the same location as previous years, 2350 S. Jones Las Vegas, NV 89146. Very excited about the upcoming tax season, there have been some updates with the STANDARD DEDUCTION AMOUNTS, which can help you reduce the amount you owe or increase your refund amount.
THE NEW STANDARD DEDUCTION FOR 2023:
Single $13,850
Married Filing Jointly $27,700
Married Filing Separately $13,850
Head of Household $20,800
example: If you are filing Head of Household and you earned $50,000 in 2022, your taxable income would be reduced by $20,800 which means your taxable income will be reduced to $29,200.
NEW MAXIMUM EARNED INCOME CREDIT FOR 2023:
$7,430
GIFT EXCLUSION:
The annual exclusion for gifts, which limits how much taxpayers can give an individual without filing a gift tax return on certain gifts, will increase to $17,000 per person in 2023, up $1,000 from 2022.