The highlights of your 2023 FEDERAL taxes (based on the 2018-2025 TCJA and changes for 2023): Tax Rate: The maximum individual rate is 37% and the corporate rate is a flat 21%. These individual and corporate rates originate from the 2018 Tax Cuts and Jobs Act (TCJA) that are mostly valid thru the 2025 tax year. Standard Deduction for 2023: $13,850 for Single (+$1,850 if 65+ yrs old), $27,700 for Married Filing Jointly taxpayers (+$1,500 if 65+), and $20,800 for Head of Household (+$1,850 if 65+). Personal exemption deductions are not used. Child Tax Credit (CTC) for 2023: The credit was reset in 2022 and continues in 2023 as: $2,000 per child less than 17 yrs old, and each non-child dependent can continue to receive a credit of $500. The elevated levels from 2021 were temporary & are no longer provided, including the advanced payments and the increased age limit. $2,000 Child Tax Credit amount is still phased out (reduced) between $400K and $480K AGI (MFJ), & between $200K and $240K (all others). Refundable: Up to $1,500 of the $2K CTC is refundable in 2023. Dependent Care Credit for 2023: As in 2022, claimable expenses have been reset back to $3K/$6K max in 2023 (for 1 dependent/2 or more); The credit given is 20% of that at $43K AGI and above; Children less than 13 yrs old; Does NOT include tutors in 2023; and It is NOT refundable in 2023. and taxpayers can exclude $5,000 of employer-provided dependent care assistance from their income in 2023. Eliminated Deductions (no changes for 2023): You are NOT ALLOWED to deduct: Schedule A taxes (state income tax, real estate tax, and personal property taxes, combined) above $10,000 per year; Moving expenses (with an exception for certain military); Employee unreimbursed business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others; Mortgage interest beyond $750,000 of new acquisition debt if you purchase a home (purchased on or after Dec 16, 2017; $1 million if prior to that date); and Mortgage interest paid on equity debt unless the loan is used to "buy, build, or substantially improve" the home. Benefits for Individuals for 2023: These benefits include: The unreimbursed medical expense AGI threshold is still 7.5% for all ages. The AMT phase-out threshold is still significantly increased, so fewer middle-income taxpayers will be subject to AMT; The estate tax exclusion is increased to $12.92 million per individual in 2023; and The annual gift tax exclusion is increased to $17,000 for 2023, and the maximum tax rate on the amount of gifts above that exclusion is 40%. Small Business Benefit, QBI deduction continues for 2023: 20% deduction from net business income (Qualified Business Income) for a sole proprietorship, LLC (excluding those taxed as a C corporation), partnership, S corporation, and rental activity. The rules are complex but we can work to maximize this deduction for you.

For reporting 2023 taxes due in 2024 Form.......................................................................................Filing Due Dates in 2024 Form 1040-ES - Q4 estimated tax payment due.............................January 15 Form W-2 (electronic or mail)...........................................................January 31 Form 1065 – Partnerships..................................................................March 15 Form 1120S – S Corporations...........................................................March 15 Form 1040 – Individuals & deadline contribute to 2023 IRA............April 15 FinCEN 114 – FBAR (will be allowed to extend).................................April 15 Form 1041 – Trusts and Estates.........................................................April 15 Form 1120 – C Corporations............................................................April 15 Form.........................................................................................Extension Due Dates in 2024 Form 1065 Extended Return........................................................... September 15 Form 1120S Extended Return......................................................... September 15 Form 1041 Extended Return............................................................October 1 Form 1120 Extended Return............................................................October 15 Form 1040 Extended Return............................................................October 15 FinCEN 114 - FBAR (Extended with Form 1040)................................October 15 Form 990 Series Extended Return....................................................November 15 Form 5500 Series Extended Return..................................................November 15

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