Tax Tips & Other Resources

Individual Tax Tables:

For 2023

RATE FOR UNMARRIED INDIVIDUALS, TAXABLE INCOME OVER FOR MARRIED INDIVIDUALS FILING JOINT RETURNS, TAXABLE INCOME OVER FOR HEADS OF HOUSEHOLDS, TAXABLE INCOME OVER
10% $0 - $11,000 $0 - $22,000 $0 - $15,700
12% $11,001 - $44,725 $22,001 - $89,450 $15,701 - $59,850
22% $44,726 - $95,375 $89,451 - $190,750 $59,851 - $95,350
24% $95,376 - $182,100 $190,751 - $364,200 $95,351 - $182,100
32% $182,101 - $231,250 $364,201 - $462,500 $182,101 - $231,250
35% $231,251 - $578,125 $462,501 - $693,750 $231,251 - $578,100
37% $578,126+ $693,751+ $578,101+

  • The standard deduction for 2023 has been increased to $27,700 for married filing a joint return, $20,800 for head-of-household filers, and $13,850 for all other taxpayers. 

Long-Term Capital Gains rates:

 

RATE FOR UNMARRIED INDIVIDUALS, TAXABLE INCOME OVER FOR MARRIED INDIVIDUALS FILING JOINT RETURNS, TAXABLE INCOME OVER FOR HEADS OF HOUSEHOLDS, TAXABLE INCOME OVER
0% $0 - $44,625 $0 - $89,250 $0 - $59,750
15% $44,626 - $492,300 $89,251 - $553,850 $59,751 - $523,050
20% $492,301+ $553,851+ $523,051+

 

For 2024

RATE FOR UNMARRIED INDIVIDUALS, TAXABLE INCOME OVER FOR MARRIED INDIVIDUALS FILING JOINT RETURNS, TAXABLE INCOME OVER FOR HEADS OF HOUSEHOLDS, TAXABLE INCOME OVER
10% $0 - $11,600 $0 - $23,200 $0 - $16,550
12% $11,601 - $47,150 $23,201 - $94,300 $16,551 - $63,100
22% $47,151 - $100,525 $94,301 - $201,050 $63,101 - $100,500
24% $100,526 - $191,950 $201,051 - $383,900 $100,501 - $191,950
32% $191,951 - $243,725 $383,901 - $487,450 $191,951 - $243,700
35% $243,726 - $609,350 $487,451 - $731,200 $243,701 - $609,350
37% $609,351+ $731,201+ $609,351+

  • The standard deduction for 2023 has been increased to $27,700 for married filing a joint return, $20,800 for head-of-household filers, and $13,850 for all other taxpayers

Long-Term Capital Gains rates:

 

RATE FOR UNMARRIED INDIVIDUALS, TAXABLE INCOME OVER FOR MARRIED INDIVIDUALS FILING JOINT RETURNS, TAXABLE INCOME OVER FOR HEADS OF HOUSEHOLDS, TAXABLE INCOME OVER
0% $0 - $47,025 $0 - $94,050 $0 - $63,000
15% $47,026 - $518,900 $94,051 - $583,750 $63,001 - $551,350
20% $518,901+ $583,751+ $551,351+

 

Business Tax Provisions:

Depreciation and like-kind exchanges:

  • Section 179 accelerated depreciation has been increased to $1.02 million with the phase out threshold amount increased to $2.55 million, for 2019.

      • Section 179 depreciation increases to $1.22 million in 2024 with the phase out begining at $3.05 million.

  • Bonus depreciation for tax year 2023 is 80% of the purchase price reducing to 60% in 2024.  

  • Like-kind exchange deferral of gain treatment has been repealed for personal property... the deferral is only allowed for real property that is not held primarily for sale.  

C-Corporations:

  • The corporate tax rate is a flat 21%.

  • Alternative Minimum Tax (AMT) has been repealed

  • Net Operating Losses (NOLs) arising in tax years ending after December 31, 2017 can no longer be carried back two years.  Carryovers can now be carried over indefinitely, but the deduction is limited to 80% of taxable income.

Pass-Through Businesses:

Deduction for Pass-Through Income:

  • A company who has qualified business income (QBI) is allowed to deduct:

  1. the lesser of: (a) the combined qualified business income amount of the taxpayer, or (b) 20% of the excess, if any, of the taxable income of the taxpayer for the tax year over the sum of net capital gain and the aggregate amount of the qualified cooperative dividends of the taxpayer for the tax year; plus

  2. the lesser of: (i) 20% of the aggregate amount of the qualified cooperative dividends of the taxpayer for the tax year, or (ii) taxable income (reduced by the net capital gain) of the taxpayer for the tax year. 

Limitation:

 

  • For pass-through entities, other than sole proprietorships, the deduction cannot exceed the greater of:
  1. 50% of the W-2 wages with respect to the qualified trade or business ("W-2 wage limit"), or
  2. the sum of 25% of the W-2 wages paid with respect to the qualified trade or business plus 2.5% of the unadjusted basis, immediately after acquisition, of all "qualified property." Qualified property means tangible, depreciable property which is held by and available for use in the qualified trade or business at the close of the tax year, which is used at any point during the tax year in the production of qualified business income, and the depreciable period for which has not ended before the close of the tax year.
  • The deduction begins to phase out for specified service businesses (attorneys, accountants, etc) whose taxable income exceeds $315,000 for married filing jointly or $157,500 for other individuals.

 

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