2023 Tax Changes

We have all experienced some financial changes this past year. Rates have been increasing for various items, and small businesses have felt it. Tax season is coming up, so it’s time to check in on any changes that might affect your small business or family and prepare for the season. We’ve compiled a few recent and important updates from the IRS for your knowledge here. Of course, we are more than happy to talk through these updates with you and assist you in this tax season.

For the 2023 tax year, the deduction for married couples filing jointly is increasing to $27,700. For a single taxpayer or married couples filing separately, the standard deduction is rising to $13,850. For heads of households, it is rising to $20,800.

Taxes can be a complicated and confusing process, but it doesn’t have to be. We would be happy to work with you and ensure you are getting the best return you can get. Just give us a call to get started!