📣 Tax Season 2024 Update: Important IRS Adjustments for Tax Year 2023! 🗓️ #TaxTime #IRSAlert
🌟 Tax Season starts January 29, 2024! As you prepare, here's what you need to know about the IRS's recent tax inflation adjustments for the 2023 tax year:
Key Highlights:
Inflation Reduction Act: Enhanced energy-related tax breaks and adjustments for energy-efficient buildings.
Standard Deduction Increases:
Married Filing Jointly: Now $27,700
Single Taxpayers: Raised to $13,850
Heads of Households: Up to $20,800
Marginal Tax Rates: Remains at 37% for the highest income bracket.
Other Notable Changes:
AMT Exemption: Increased to $81,300.
EITC Maximum: Now $7,430 for those with three or more qualifying children.
Fringe Benefits & Health FSAs: Higher limits for various benefits.
Medical Savings Account: Adjusted deductibles and out-of-pocket expenses.
Foreign Earned Income Exclusion: Up to $120,000.
Estate Exclusion & Gift Exclusion: Increased limits for 2023.
Adoption Credit: Maximum credit is now $15,950.
Unchanged for 2023:
Personal exemption remains at $0.
No limit on itemized deductions.
Lifetime Learning Credit thresholds remain the same.
📚 Understanding these changes is crucial for an accurate tax filing.
👉 Need help or have questions? Contact us at Tax Resolution 1st for expert guidance.
🔔 Stay updated and prepared for this tax season!
