Individuals Tax Highlights

§  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:

o   Single: $200,000

o   Married Filing Jointly: $250,000

§  Standard deduction for 2023:

o   Single: $13,850

o   Head of Household: $20,800

o   Married Filing Jointly: $27,700

o   Additional $1,850 if over the age of 65

§  Gift tax exclusion in 2023 is $17,000 per person.

§  Contact us for more information regarding electrified vehicle and solar credit updates.