1. Tax Deadlines April 15, 2024.
Filing extensions allows you to extend your filing deadline to October 15, 2024 but taxes must be paid by April 15, 2024.  S Corporations and Partnerships are due by March 15, 2024, extension due September15, 2024.

2. Child Tax Credits
Refundable Child tax credits will probably not be issued until mid February 2024. $2000 per Ages 1-16. $500 starting at age 17.

3. Tax brackets remain the same.

4. Standard deductions are 13,850 Single, 27,700 Married and 20,800 HOH. 1850 Additional for 65 or over 1,500 per person married.

5. Personal exemptions have been eliminated. Medical deduction threshold is 7.5% for everyone. 10,000 limit on state, local and property taxes.

6. 401K and IRA contribution limits are the same. No age cap for traditional IRA.
22,500/30,000 over age 50 IRA 6500/7500 over age 50.

7. The Earned Income Credit is rising.
The maximum allowable Earned Income Credit will go up modestly in 2023. For those with three or more qualifying children, the maximum credit will rise to $7430. Those with two children will get a maximum $6,604, while one-child families can get up to $3,995.

8. The exemption from AMT is higher and Social security tax is higher
The alternative minimum tax has struck a growing number of taxpayers, making the exemption amount more important than ever. Single taxpayers will see their AMT exemptions go up in 2023 to $81,300, MS $63,250 while joint filers will go to $126,500. 160,200 is the new max for Social Security 2023,

9. 20% deduction for businesses (Corporations, Partnerships and Sole Proprietorships.)

10. Effective Alimony inclusion and deductions are no longer allowed for Divorces 1/1/19 and after and that includes modifications to settlements 1/1/19 and after.

11. Moving expenses are only allowed for military personnel.

12. No phaseout for itemized deductions from 2018-2025.

13. Child Tax Credit 2000 per child.

14. Standard Mileage Rate 65.5 cents Business, .22 Medical, .14 Charitable.

15. RMD age has been updated to age 73 before taking deductions.

16. Social Security and Medicare Threshold 160,200

17. Annual Gift Exclusion 17,000

18. 30% Deduction for Solar Energy (Wood and Pellet Stoves Included) Non Refundable Credit

19. Clean Energy Credit. 7000.00 new vehicles/4000Previously Owned(New this Year) Non Refundable Credit