Important Tax Figures for 2023
Every year, the amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more. Good news: Many increases are higher than in past years due to inflation.
5 Major Tax-Favored Retirement Plan Changes for Individuals under New Law
On December 29, President Biden signed the omnibus spending bill, which includes the long-awaited Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0). Among many other provisions, this new law includes five major taxpayer friendly changes that may help you save for retirement. Here are the details.
Federal Tax News for Individuals
1. Energy Efficient Home Tax Credit FAQs
2. Two Innocent Spouse Relief Outcomes in Court
3. Whistleblower Qualifies for IRS Award
4. Didn’t File a Tax Return? The IRS May File for You
5. Clean Vehicle Tax Credit List Expands