Tax Changes for 2023 Returns (Filed in 2024)

 
2023 Tax Items Include the following:
 
Revised: 11/30/23
 
This page is subject to change as tax laws continually change.  
 
Mileage Rates - See separate page on this site for 2023 Rates.
 
Individuals claiming earned income tax credits, additional child tax credits and/or education credits - ***NOTE*** IRS will delay refunds for returns with any of these three criteria.  The earliest a refund will be issued is the 3rd week in February.  This is applicable only to those claiming the three credits.  Most other taxpayers will NOT experience delayed refunds. 

Individual tax rates  Updated - applicable for 2023 tax returns

All the individual marginal tax rates are retained (10%, 12%, 22%, 24%, 32%, 35% and 37%). 

Capital gains and dividends

Capital Gains Rates Vary depending on numerous factors including the type of transaction generating the capital gain and the effective tax rate of the taxpayer. 

Health Care Reform Act  For 2023 and all known future years, unless the tax law changes, there is not a penalty for failure to have health insurance.

*Age to begin taking a required minimum distribution is age 72.

 

Business Tax Changes

See our separate pages for Section 179 & Bonus depreciation and the Business Tax Deduction Checklist pages.

The IRS and SSA have changed due dates for returns.  ALL W2's and 1099's must be filed by January 31st. There is no extension available for these returns and significant penalties will be imposed for late filing of Forms W2 or 1099's.

New for tax year 2023: W2 forms and 1099 forms must be filed electronically.  (Exception - less than 10 total forms - meaning no more than 9 W2s AND 1099s).

Penalties for failure to electronically file these forms and/or for late filing is $60 to $310 per form depending on the number of days late filed.  

All calendar year Partnership returns are due March 15th.  An extension is available.

All calendar year C Corporation returns are due April 15th.  An extension is available.

All calendar year S Corporation returns are due March 15th.  An extension is available. 

Visit our Newsletter Section for many more updates.

Myra B. Carlisle, CPA
Myra Carlisle & Company, PC
2107 Martin Street S Suite 100
Pell City, Alabama 35128-2354
205-884-4829

myracpa@cpataxbreaks.com

www.cpataxbreaks.com

 
IRS Circular 230 Notice: If this e-mail contains tax advice, this written advice was not intended to be used, and cannot be used by anyone,  for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax provisions.