PUBLISHER’S NOTE: After publishing this blog on December 17, 2022, the I.R.S. made a change as to the effective date for the “gig-tax” rule discussed. Please read the update here.
Highlights of the New Tax Law Changes for 2023
With 2023 fast approaching, it is time to look at changes to income tax rules and regulations for 2023 and how they may affect you.
As is usually the case, 2023 will bring annual inflation adjustments to many tax provisions. Some of the more notable ones are as follows: the standard deduction for married couples filing jointly rises to $27,700 from $25,900 and for single individuals, up to $13,850 from $12,950; the estate tax exclusion for decedent’s estates rises to $12,920,000 from $12,060,000; and the annual exclusion for gifts increases to $17,000 from $16,000 for 2022.
One of the more significant changes applies to those who earn income through payment apps such as Venmo and PayPal.… View Full Article → “ALERT: IRS Tax Changes for 2023 That Could Affect You Especially if You Use Venmo or PayPal”