Tax Changes for 2023 Returns (Filed in 2024)
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