2022 Year-End Tax Planning for Individuals
On August 16, President Biden signed the 2022 Inflation Reduction Act (IRA), a significantly scaled-back version of the Build Back Better Act. Two of the most favorable changes contained in the 2022 IRA that are beneficial for individuals are (1) a three-year extension of expanded Affordable Care Act health insurance subsidies, which were set to […]
IRS provisions and items adjusted for inflation 2023
The IRS announced inflation adjustments for tax year 2023. The items adjusted for annual inflation include tax rate schedules, the standard deduction, and more than 60 other provisions. Below is a summary list of commonly used provisions: The Standard Deduction. The standard deduction amounts for 2023 are: $27,700 for married couples filing jointly (up from […]
