This year, we’ve put together a round up to help you get started with tax planning for 2023.
Below you will find our roundup of articles on:
- Retirement Planning
- Tax Planning for Individuals
- Estate and Gift Tax Exemptions and Charitable Contributions
- Education Tax Benefits
- State and Local Tax Issues
- Net Investment Income Tax and Alternative Minimum Tax
A Note from Us: At Akif CPA, we specialize in tax return preparation for individuals, families, and businesses. We are currently accepting new clients. Please contact us today if you require tax help.
Retirement Planning
It’s important to take note of contribution limit changes for retirement plans in 2023. Changes have also come to minimum distribution ages.
This article covers:
- 2023 Retirement Account Contribution Limits
- 2023 Required Minimum Distributions
Tax Planning for Individuals
With inflation adjustments for more than 60 tax provisions, the IRS has made meaningful changes impacting 2023 tax returns. This includes changes to the standard deduction (up $1,800 for married couples, up $900 for single taxpayers and married individuals filing separately, up $1,400 for heads of households). We’ll look at this in greater details, along with:
- 2023 Tax Brackets
- 2023 Earned Income Tax Credit
- 2023 Standard Deduction
- 2023 Energy-Efficient Home Improvement Credit
- 2023 Residential Clean Energy Credit
- 2023 Clean Vehicle Credit
Estate and Gift Tax Exemptions and Charitable Contributions
In this portion of our 2023 Tax Planning series, we walk through Estate Tax Exemptions (Federal and State), Gift Tax Exemptions, and Charitable Contribution Deduction Limits and Strategy. This article covers:
- 2023 Gift Tax Annual Exclusion
- 2023 Charitable Contribution Terms and Reminders for 2023
- Qualified Charitable Distribution from IRAs
- Donor-Advised Funds
Education Tax Benefits
We are highlighting three key areas of focus for education tax benefits in 2023—the American Opportunity Tax Credit, the Lifetime Learning Credit, and 529 Plans.
This article covers:
- The American Opportunity Tax Credit Limits for 2023
- The Lifetime Learning Credit Limits for 2023
- 529 Plan Contribution Limits for 2023
- 529 Plan Contribution Limits for Elementary/Secondary Use Limits for 2023
State and Local Tax Issues
In this portion of our 2023 Tax Planning series, we outline some of the core issues impacting State and Local Taxes, namely the impact of remote work, credits for taxes paid to other states, and deduction caps for state and local property taxes.
This article covers:
- The Impact of Remote Work on Taxes
- Instances in Which Remote Work Triggers Tax Implications
- Credits for Taxes Paid in Other States
- Deductions for State Income and Local Property Tax Limits (SALT)
Net Investment Income Tax and Alternative Minimum Tax
Investors may owe an additional 3.8% tax in 2023. This tax is referred to as Net Investment Income Tax (NIIT). Additionally, Alternative Minimum Tax (AMT) ensures that every filer pays a minimum level of tax, even in the event of exclusions, deductions, and credits that reduce their overall tax burden. This is typically handled through add-backs.
This article covers:
- 2023 Net Investment Income Tax (NIIT)
- 2023 Alternative Minimum Tax (AMT)
