FL - Electronic filing of partnership information returns (Form F-1065) available
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]
Read MoreThe IRS has released the annual inflation adjustments for 2023 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation.
For 2023, the highest income tax bracket of 37 percent applies when taxable income hits:
The standard deduction for 2023 is:
The standard deduction for a dependent is limited to the greater of:
Individuals who are blind or at least 65 years old get an additional standard deduction of:
The AMT exemption for 2023 is:
The exemption amounts phase out in 2023 when AMT exceeds:
For tax years beginning in 2023, taxpayers can expense up to $1,160,000 in Code Sec. 179 property. However, this dollar limit is reduced when the cost of Code Sec. 179 property placed in service during the year exceeds $2,890,000.
The following inflation adjustments apply to federal estate and gift taxes in 2023:
The maximum foreign earned income exclusion amount in 2023 is $120,000.
The IRS also provided inflation-adjusted amounts for the:
These inflation adjustments generally apply to tax years beginning in 2023, so they affect most returns that will be filed in 2024. However, some specified figures apply to transactions or events in calendar year 2023.
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, […]
Read MoreIn his 2023 State of the State Address, Florida Gov. Ron DeSantis proposed to provide a permanent sales and use […]
Read MoreThe IRS has offered a checklist of reminders for taxpayers as they prepare to file their 2022 tax returns. Following […]
Read MoreThe IRS has reminded taxpayers that they must report all digital asset-related income when they file their 2022 federal income […]
Read MoreThe IRS has issued a guidance which sets forth a proposed revenue procedure that establishes the Service Industry Tip Compliance […]
Read MoreThe IRS has reminded taxpayers of their tax responsibilities, including if they’re required to file a tax return. Generally, most U.S. citizens and permanent […]
Read MoreFlorida Gov. Ron DeSantis, along with Senate President Kathleen Passidomo and House Speaker Paul Renner, have announced their intent to […]
Read MoreMonday, February 20, 2023, is a bank holiday, and as a result, taxpayers who electronically submit the January Florida sales […]
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