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The enhanced CTC was not extended and returns to $2,000 per child dependent for the 2022 tax year, down from $3,600 last year. The other big change to the CTC is that it’s no longer refundable ...
The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, up $1,800 from 2022. For single taxpayers and married individuals filing separately, the standard ...
The Internal Revenue Service has announced it will begin accepting 2023 tax returns as of Jan. 29. New tax brackets and other credits and deductions have been announced, too.
Taxpayers have until April 15 to file their 2023 federal income tax returns and their state of Michigan returns. But many file early to get refunds.
In October 2022, the IRS announced there would be tax inflation adjustments made for the 2023 tax year. This includes an increase in standard deduction amounts for 2022 returns.
As for the annual gift tax exclusion – the amount of tax-free money you can give to another person in 2023 – is $17,000 (up from $16,000 in 2022). If a gift exceeds $17,000 in 2023, the excess ...
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