Individuals
- The 2023 filing deadline is April 15th of 2024 (if no extension).
- If you have taken advantage of the high CD, money market, or bond interest you may have a higher tax liability due to that new income.
- Net investment income tax (an additional 3.8% tax) has new brackets for 2023:
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- Single: $200,000
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- Married Filing Jointly: $250,000
- Standard deduction for 2023:
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- Single: $13,850
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- Head of Household: $20,800
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- Married Filing Jointly: $27,700
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- Additional $1,850 if over the age of 65
- Gift tax exclusion in 2023 is $17,000 per person.
- January 24, 2024, was the proposed start date for the IRS to start processing 2024 tax filings.
- Contact us for more information regarding electrified vehicles and solar credit updates.
Business
- If you have or own a Partnership, S-Corp, or C-Corp the due date for those returns is March 15th (if no extension). The penalty for failing to file (or filing a valid extension) by this deadline is $220 per shareholder/partner per month.
- There is a new federal regulation called the BOI or Beneficial Ownership Information filing. This new regulation is a filing to FinCen about who ultimately owns a company.
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- Companies in existence prior to 2024 will have until 2025 to file.
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- Companies created in 2024 will have 90 days to file.
- Meal deduction is back to 50% from 100% for sit down restaurants.
