IRS Adjusts Tax Brackets to Account for Inflation: Shifts in tax brackets as well as the standard deduction slated for 2024

On October 18, 2022, the IRS announced tax year 2023 adjustments for tax returns filed in 2024. From the IRS directly: “The tax items for tax year 2023 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up…

Read More

2023 Tax Guide to Fringe Benefits Released: Cents-per-mile rule, parking and transportation benefits and health FSAs

The IRS has released the 2023 final version of its Publication 15-B (The Employer’s Tax Guide to Fringe Benefits). The “What’s New” section of the publication includes information on the 2023 business mileage rate under the “cents-per-mile rule,” the monthly exclusion for qualified parking and commuter transportation benefits, and the contribution limit on a health flexible…

Read More

Key Financial Data 2023

With three major pieces of tax legislation passed within the last three years, we have more nuances, more inflation adjustments, more expiring tax breaks, and more rules to follow than ever before. Stay on top of the details with our annual compilation of the various tax rates, thresholds, limitations and exemptions for the new year.…

Read More