Double-check these 5 items before filing your 2023 return. Fidelity Viewpoints Key takeaways You can make contributions for 2023 to certain retirement plans up until the federal tax deadline. If you worked from a different state than usual during 2023, you may need to take a careful look ...
For 2023, this amount is $21,750. The amount of the credit steps down at various income levels depending on your filing status. For a Single filer, an AGI exceeding $38,250 in 2024 or $36,500 in 2023, would make you ineligible to claim the credit. If you're married and fi...
For 2023 the rate is 65.5 cents per mile. The rate increases to 67 cents per mile for 2024. If you use your car for both ridesharing and personal transportation, you can deduct only the portion of your expenses that apply to the business use. And ...
The IRS did not change federal tax brackets for 2023. They are still 10%, 12%, 22%, 24%, 32%, 35%, and a top bracket of 37%. However, the income thresholds for all tax brackets changed in 2023, according to the IRS. Here are the minimum income levels for the top tax brackets ...
Here's an example of how a married couple with no children could have claimed an additional $7,300 in tax deductions by bunching their annual charitable contributions of $10,000 for both 2023 and 2024 on their 2023 tax return. Taking the standard deduction vs. bunching charitable contributions...
3 Tips to Mitigate Risk Ensure your budget accounts for tax payments. You might be rolling your eyes at this advice, but it’s more common than you might realize for organizations to forget to include taxes in their annual budgets, especially very small employers or sole proprietors. This is...
It's over! The final 2023 tax year extended filing deadline has passed, unless you get more time because your filing due date was extended further by a natural disaster like the three hurricanes that have made landfall in Florida this fall. For most of us, though, the passage of Oct. ...
In this busy time it’s crucial for production accounting teams to be aware of any recent legislative changes that impact how payroll tax will be calculated in 2023. Here’s a state-by-state look at all the payroll tax changes you can expect to see this year, and some handy reminders ...
Meals.For meals after January 1, 2023, the deduction allows for as much as 50% of the unreimbursed cost. 4. Professional development expenses Keeping up with the latest information in your industry is vital to continuing and expanding your business. Fortunately, expenses for professional developmen...
Preparing for tax season: What to know before filing your income taxes 7 tips to prepare for tax-filing season Standard deduction amount: How much it is and when to take it Free filing with the IRS Direct File program: What you need to know ...