IRS New Income Tax Brackets For 2023

  • The IRS has released higher federal tax brackets for 2023 to adjust for inflation.
  • The standard deduction is increasing to $27,700 for married couples filing together and $13,850 for single taxpayers.
  • There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits, among others.

IRS raises income threshold and standard deduction for all tax brackets. Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023.

The agency has boosted the income thresholds for each bracket, applying to tax year 2023 for returns filed in 2024.

These brackets show how much you’ll owe for federal income taxes on each portion of your “taxable income,” calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.

Higher standard deduction

The standard deduction will also increase in 2023, rising to $27,700 for married couples filing jointly, up from $25,900 in 2022. Single filers may claim $13,850, an increase from $12,950.

More from Year-End Planning

Here’s a look at more coverage on what to do finance-wise as the end of the year approaches:

Other tax provisions adjust

The IRS also boosted figures for dozens of other provisions, such as the alternative minimum tax, a parallel system for higher earners and the estate tax exemption for wealthy families.

There’s also a higher earned income tax credit, bumping the write-off to a maximum of $7,430 for low- to moderate-income filers. And employees can funnel $3,050 into health flexible spending accounts.

While the agency hasn’t yet released 2023 limits for 401(k) and individual retirement accounts, experts predict IRA limits will jump to $6,500 for savers under 50.

By: Kate Dore, CFP®@katedore

Source: IRS: Here are the new income tax brackets for 2023

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IRS Sets Higher 2023 Tax Brackets, Standard Deductions And Other Inflation Adjustments

The Internal Revenue Service has released dozens of inflation adjustments affecting individual income tax brackets, deductions and credits for 2023 and—no surprise—today’s four decade high inflation has translated into some big hikes.

Consider the standard deduction, now claimed (instead of itemized deductions) by more than 85% of taxpayers. For a married couple filing a joint tax return, that deduction will jump to $27,700 in 2023, from $25,900 in 2022; for singles and couples filing separately it will rise to $13,850, from $12,950; for a head of household it will rise to $20,800 from $19,400. (A head of household is a single adult with dependents, such as children.)

The additional standard deduction for someone who is 65 or older will rise to $1,500 per person from $1,400 in 2022; if that senior is unmarried, the additional deduction will be $1,850 in 2023, up from $1,750. Meanwhile, the individual tax brackets for ordinary income as well as those for capital gains will all be jumping in 2023 by 7%.

So, for example, the lowest 10% ordinary income tax bracket will cover the first $22,000 of taxable income for a married couple filing jointly, up from $20,550 in 2022. The 24% bracket for the couple will kick in at $190,750, up from $178,150, and the highest 37% rate will hit taxable income exceeding $693,750, up from $647,850 in 2022.

You can see all the 2023 income tax brackets on ordinary income (which includes salaries, self-employment income and interest) at the bottom of this post. Remember, the 2022 rates here will apply for the 1040 you file in early 2023.

The individual federal tax brackets have been automatically indexed for inflation since 1985—a provision that was passed in 1981 after a period of inflation even higher than what the country is now experiencing. The point of the adjustments is to make sure that people aren’t artificially pushed into higher tax brackets by inflation. Those whose income hasn’t increased with inflation could end up paying taxes at lower rates in 2023 than in 2022—in other words, they could get a tax cut that makes up for some of what they’ve lost.

One key item that isn’t indexed, however, is the income levels at which taxes on Social Security benefits kick in. That means more moderate income retirees will be paying federal taxes on their 2023 benefits, which will be boosted by an 8.7% cost of living adjustment.

As for the tax rate on qualified stock dividends and long term capital gains (that is gains on stocks held more than a year), a married couple won’t owe any tax until their income (including those gains) is above $89,250, up from $83,350 in 2022. Above that, the gains rate is 15%. The top gains rate of 20% will kick in above $553,850 for a couple in 2023, up from $517,200 in 2022. For individual filers, the 15% capital gains and dividends rate kicks in on income above $44,625 in 2023, up from $41,676 in 2022.

But the top 20% rate won’t hit single individuals until their income exceeds $492,300 in 2023, up from $459,760. (Yes, that’s more than half the level for married couples. The top gains rate is one of those areas where the tax codes still has a marriage penalty, and no, you can’t avoid this one by filing separately from your spouse.)

Several key credits are also adjusted for inflation. For example, the maximum earned income tax credit for qualifying taxpayers with three or more children will be $7,430 in 2023, up from $6,935 in 2022. The credit, designed to help struggling families who work, rises with earned income and then begins to slowly phase out at fairly modest levels of income. So, for example, a married couple with three children will begin to see their EITC phase out at $28,120 of income in 2023, but won’t lose the entire credit until their income hits $63,398.

You can see all the adjustments in IRS Revenue Procedure 22-38 here. (It’s a 28 page document covering everything from the adoption credit to penalties for failing to file certain returns on time.)

Inflation also means that well-off folks will be able to transfer much more to their heirs tax free during life—or at death. One key gifting change: you can give anyone else (and as many people as you want) $17,000 in gifts in 2023, up from $16,000 in 2022, without worrying about using up your lifetime gift and estate tax exemption or paying gift tax. That lifetime exemption will be rising to $12.92 million in 2023, up from $12.06 million in 2022. (You can read more about the estate and gift tax changes here.)

I’m the Washington D.C. bureau chief and an assistant managing editor of Forbes. During my three decades with Forbes, I’ve reported extensively on taxes — tax policy, tax planning, tax

Source: IRS Sets Higher 2023 Tax Brackets, Standard Deductions And Other Inflation Adjustments

.

Related contents:

The IRS Includes NFTs In 2022 Tax Language MediaPost IRS announces inflation adjustments: Will you pay a lower income tax rate in 2023? Staten Island Advance, New York

IRS new tax brackets and standard deduction could save families hundreds or even thousands of dollars. Now, for the bad … MarketWatchIRS updates tax brackets for soaring inflation, meaning lower rates for some Washington Examiner

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00:15 Wed, 19 OctInflation Causes IRS to Raise Tax Brackets Political Wire .
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How Finland is Eradicating Its Homelessness Problem

There are more than a million empty homes in Canada and on any given night at least 35,000 Canadians are homeless. They pack into overflowing, often dangerous, shelters or they hunker down outside, hoping the elements will be kinder to them than the conditions indoor.

In the 1980s, a Canadian psychologist working in New York had an idea: maybe the best way to solve the problem of homelessness was to give people homes. Sam Tsemberis was one of the earliest proponents of a model known as Housing First. The idea was viewed as outlandish and unworkable.

Skeptics argued that complex issues like addiction and mental health had to be addressed first before someone was a suitable candidate for long-term housing. How would the cost be justified to hardworking taxpayers?

But the idea has caught on. Housing First projects have appeared in municipalities across Asia, Europe and North America, including Medicine Hat, Alta. Now, Finland has become the first country to adopt a national housing first approach to homelessness.

Juha Kaakinen, CEO of Finland’s largest housing nonprofit, the Y-Foundation, has been working in the area of homelessness and social welfare since the 1980s. He was one of the architects of Housing First — Finland’s national plan. He spoke to The Sunday Edition‘s Michael Enright about how Finland eradicated homelessness. Here are some highlights from their conversation interview.

A home without preconditions

You can call it a principle, a service model or a philosophy; the main thing is treating homeless people like everybody else — people who have the same rights and see housing as a human right. So the housing first principle means that you give a homeless person a home, a flat, or a  rental flat with a contract, without preconditions. You are not required to solve your problems or get sober, for example, to get a permanent home. And then, when you have this home, you can get support to solve your issues. This is a simple basic principle of housing first.

Finland succeeds where the rest of Europe did not

A lot of progress has been made. We now have the lowest number of homeless. Our present government has decided that the rest of the homeless should be halved within the next four years and completely end by 2027.

We have had a constant policy of providing affordable, social housing. The state finances this. And in each new housing area, especially in the big cities, at least 25 per cent of housing must be affordable, social housing. This has kept the supply to a reasonable level. This has been probably the main reason why we don’t have the kind of housing crisis that most European countries have at the moment.

How Housing First works

For example, in Helsinki, there is a service centre for homeless people. You can always go in, no matter your condition. It’s probably the most similar to the shelters in other countries. But it’s the only one, with 52 beds. You discuss your situation with a social worker and they try to arrange housing for you. They make an assessment, find out what your needs are.

Affordable social housing stock is another option. For over 30 years, the Y-Foundation has been buying flats from the private market. We use these flats specifically as rental flats for homeless people.

Maybe the most important structural change in Finland is that we’ve renovated our temporary accommodations in shelters and hostels into supported housing. For example, the last big shelter in Helsinki, run by the Salvation Army, had 250 beds. It was completely renovated in 2012. Now they have 81 independent, modern, apartments in that same building. They also have on-site staff for support. So this structural change has probably been the crucial thing that has led to this trend of decreasing homelessness.

The common thing for all homeless people is that they don’t have a home. Everybody has their own story, their own history. They have their own resources. They may also have their own problems. For that reason, you have to make a very tailor-made plan for people, to provide adequate support.

For example, if you have drug abuse problems, simply providing housing doesn’t solve that kind of issue. You may need rehabilitation, detoxification, etc. These other elements are important. But to get these things done successfully, you must provide permanent housing. That way you can be sure that you are not kicked out the next morning and you can plan your life ahead.

Why the taxpayer argument doesn’t hold up

Keeping people homeless, instead of providing homes for them, is always more expensive for the society. In Finland we have some scientific evaluations of the cost of this program. When a homeless person gets a permanent home, even with support, the cost savings for the society are at least 15,000 Euros per one person per one year. And the cost savings come from different use of different services.

In this study, they looked at the services that homeless people used when they were without a home. They calculated every possible thing: emergency healthcare, police, justice system, etc. They then compared that cost to when people get proper housing. And this was the result. I’m quite sure this kind of cost analysis can also be found for Canada.

Political understanding is crucial

What has been crucial in Finland is that there has been a political understanding and political consensus: this is a national problem that we should solve together. Since 2008, we have had several governments with several different political coalitions. All these governments have decided to continue to work to end homelessness. This kind of political will — that’s the starting point. It doesn’t solve everything but it helps.

I think that it demands politicians who have an understanding of human dignity. It doesn’t require more. In Finland we have a very wide partnership. It has been a collaboration between the state, big cities and big NGOs working together towards the same goal.

Changing public attitude

There are several ways you can affect public attitudes. Facts and research are good starting points. But it’s always important to tell people stories of those whose lives have changed since they got housing. These things have an emotional impact on the general public. If there are willing former homeless people, who would like to tell their stories, this kind of human interest element is very powerful. But, of course there are very clear facts behind how it should be done and why we should speak about housing as human rights issue.

By: Tahiat Mahboob

IRS Under Fire After Destroying 30 Million Tax Documents

The Internal Revenue Service, struggling to deal with a massive backlog of paper filings, decided to “destroy an estimated 30 million paper-filed information return documents in March 2021,” the agency’s watchdog reported last week.

The IRS said in a statement Thursday that taxpayers “have not been and will not be subject to penalties resulting from this action.” It said that it processed 3.2 billion information returns in 2020 and that the destroyed documents are not tax returns but documents submitted to the IRS by third-party payors.

It added that 99% of the information returns were already processed and the remaining 1% of those documents “were destroyed due to a software limitation and to make room for new documents relevant to the pending 2021 filing season.”

The agency also said that “this situation reflects the significant issues posed by antiquated IRS technology.” The destruction of documents has sparked a backlash from tax preparers, with some reportedly concerned that the decision could hamper the agency’s ability to verify returns and trigger additional error notices.

“IRS management’s decision to destroy information return documents due to the processing backlog raised numerous questions regarding IRS’ decision making and risk assessment process,” Edward Karl, vice president of taxation at the American Institute of CPAs, said in a statement. “The IRS’ recent statement provided some of the answers, but American taxpayers deserve to know why this decision was made and how it might impact them.”

Rep. Bill Pascrell (D-NJ), chairman of the House Ways and Means Oversight Subcommittee, on Friday called for President Biden to replace IRS Commissioner Chuck Rettig, describing the document destruction as the latest black eye for the agency.

“The IRS is vital to public confidence in our nation and its Trump-appointed leader has failed,” Pascrell said in a statement. “The manner by which we are learning about the destruction of unprocessed paperwork is just the latest example of the lackadaisical attitude from Mr. Rettig.

This latest revelation adds to the public’s plummeting confidence in our unfair two-tier tax system. That confidence cannot recover if all the American people see at the IRS is incompetence and catastrophe.”

While the report doesn’t specify which information returns the agency chucked, the news has triggered angry responses from tax professionals, particularly after another difficult filing season.

“I was horrified when I read the report describing the destruction of paper-filed information returns,” said Phyllis Jo Kubey, a New York-based enrolled agent and president of the New York State Society of Enrolled Agents.

Missing information returns can cause a “mismatch” at the IRS, delaying refunds because the agency can’t verify details on a taxpayer’s returns, she explained.

While the eventual consequences of the decision are unknown, tax professionals have long complained about the stream of automated IRS notices, with limited options to reach the agency.

“If they’re not putting those into the system, there’s going to be discrepancies, which means potential notices that are sent out,” said Dan Herron, a San Luis Obispo, California-based certified financial planner and CPA with Elemental Wealth Advisors.

Although the IRS halted more than a dozen types of automated notices in February, Herron says the constant correspondence is still creating headaches for taxpayers and advisors.

“There were no negative taxpayer consequences as a result of this action,” the IRS said in a statement on Thursday. “Taxpayers or payers have not been and will not be subject to penalties resulting from this action.”

Brian Streig, a CPA with Calhoun, Thomson and Matza LLP in Austin, Texas, said the news was a “break of our trust,” pointing to the burden on the business community.

“Small businesses stress out every year in January trying to accurately prepare these informational returns and get them filed on time,” he said. “To see the IRS just destroy these is almost like the IRS admitting they don’t really care.”

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Source: IRS Under Fire After Destroying 30 Million Tax Documents

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Taxes 2022: IRS Says This Year ‘Taxpayers are Getting Our Message’

An estimated 160 million tax returns are expected to be filed this year, according to the IRS, and so far, the tax season has been running smoothly.

The tax agency has processed 6.6% more returns compared with a year ago, though it has received 2.1% fewer returns so far from taxpayers.

And according to Ken Corbin, wage and investment division commissioner and chief taxpayer experience officer for the IRS, the tax agency is well on its way to improve taxpayers’ experience for the 2023 tax year.

“So far we’ve received over 91 million individual returns this year and we’ve processed 89 million returns,” Corbin told Yahoo Finance Live. “What’s great about that is that we’re seeing that more taxpayers are getting our message. We’ve seen about a 96% electronic filing rate, which is outstanding.”

Processed returns

The IRS is still grappling with an unprecedented paper backlog of millions of unprocessed returns – some dating back to last year.

As of March 31, the tax agency had 2.7 million unprocessed individual tax returns dating back to 2021 and 2.3 million unprocessed returns from the calendar year 2022. Under normal circumstances, the IRS has a backlog of 1 million unprocessed returns entering a filing season.

To reduce the chances of further delays, the IRS urged taxpayers to electronically file their returns this year. The agency has also doubled down on measures to hire and reassign workers to get through the pile of unprocessed paper returns.

The IRS also redesigned its online website IRS.gov to make it more user-friendly so taxpayers could navigate and find information easily. The tax agency also added a new individual account that allows taxpayers to keep track of their personal information and tax status.

“The pandemic has really given us an opportunity to sit back and think about the journeys of the taxpayer as they interact with the IRS,” Corbin said. “It’s an opportunity to be innovative but to also bring cohesion around how we administer the taxes… we’ve introduced new technology like voice and chat bots on our phone as well as IRS.gov. And we’ve implemented taxpayer experience days, where taxpayers can come into our offices and talk with us [on the weekend].”

File electronically

If you have yet to file your tax return this season, and want to avoid any substantial delays with your refund, you should file electronically.

National Taxpayer Advocate Erin Collins recently told Yahoo Money that filing a paper return could delay your tax processing for 10 months or longer. This can be a real set back if you’re waiting on a refund or the remaining portion – if not the complete amount — of your Child Tax Credit.

“Number one, file electronically and use direct deposit – there are lots of options out there, including our IRS free-file program,” said Corbin.

Folks that received an advanced CTC payment last year or collected unemployment were encouraged to use the IRS.gov personal account to check how much they received in aid before filing, so their returns wouldn’t be held for a manual review, said the IRS.

Take advantage of IRS resources

The IRS has implemented a variety of programs to help individuals file their taxes as zero cost.

“More taxpayers seem to be seeking help in filing their returns, whether they are going to a tax professional or even using our Volunteer Income Tax Assistance program, where we offer free tax prep for taxpayers,” said Corbin.

VITA programs are run each year by IRS-certified volunteers to ensure lower-income households can get the tax preparation and services they need to file accurate tax returns and get their refund. VITA resources can also help non-filers claim tax credits they may be eligible for, including the Earned Income Tax Credit, the Child Tax Credit, and any stimulus checks they may not have received.

Still, the IRS recognizes that there is still work to be done to avoid the jammed paper backlogs it is currently contending with.

“We have to be sensitive to those taxpayers whose returns have not been processed – it’s critical to them,” Corbin said. “There are refunds in those returns and there are other reasons why people need those returns processed either for financial aid for college students or to obtain a loan. What this means for these taxpayers is that their experience has been a challenging one.

But at the IRS, we’re all hands on deck. We have a plan so that we can get better than healthy by the time we get to the 2023 season.”Tax day is right around the corner and if you haven’t filed yet, putting together your return in a rush may come back to bite you.

“You should never rush through the process of having your tax return prepared because you want to make sure that your tax return is complete and accurate,” Daniel Geltrude, founder of Geltrude & Company, recently told Yahoo Finance Live (video above). “The last thing that you want is you file your tax return in a rush, and then in 30 days you get a nice letter from the IRS saying there was a problem with your tax return.”

If you need more time to file your tax return, you can request for an extension that gives you until October 15 to file your taxes. But you must file your extension request by the April 18 deadline.

If you owe the IRS and need extra time to file your return and to pay, then you need to request an extension to file and an extension to pay. If you owe and only request an extension to file, you may face penalties and interest on the amount you owe.

If you are filing by mail and are waiting until the deadline to pay, a postmark alone may not be sufficient.

“​​As long as the envelope is properly stamped by the due date — April 18th — sending your check through the mail at that last moment you’re okay,” Geltrude said, noting, “you should also do that by certified receipt to make sure that you can prove timely filing and timely payment.”

Working remotely and the home-office deduction

Due to the pandemic, many people worked from home. Unfortunately, working remotely from home doesn’t mean you qualify for the home-office deduction.

“If you are an employee getting a W-2 for the work that you do, you are not entitled to take those home office deductions as an employee,” Geltrude said. “You need to be an independent contractor having your own business to take all of those expenses related to your business activity as a deduction against your income.”

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Gabriella is a personal finance reporter at Yahoo Money. Follow her on Twitter @__gabriellacruz.

Source: Taxes 2022: IRS says this year ‘taxpayers are getting our message’

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