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Money with Michael

Tax Highlights for Individuals & Business

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:
    • Single: $200,000
    • Married Filing Jointly: $250,000
  • Standard deduction for 2023:
    • Single: $13,850
    • Head of Household: $20,800
    • Married Filing Jointly: $27,700
    • 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.
    • Companies in existence prior to 2024 will have until 2025 to file.
    • Companies created in 2024 will have 90 days to file. 
  • Meal deduction is back to 50% from 100% for sit down restaurants.

https://www.accountingpersonalized.com/

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