The following are some key points on Federal tax rates and other changes for 2023, as provided by the Wall Street Journal.
Social Security:It was recently announced that Social Security benefits will increase by 8.7% for 2023! In addition, Medicare premiums are expected to decrease.
Contribution Limits:The IRS has released 2023 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts.
Tax Brackets, Deductions & Credits:
Overall, we view these changes as positive, as they create additional tax planning opportunities! We are available if you have questions or would like to discuss how these changes could impact your personal situation. Please consult with your CPA for recommendations specific to you.