2023 information:
- The standard deduction amount for married taxpayers is $27,700; for single taxpayers it is $13,850 and $20,800 for heads of household.
- The standard business mileage rate is 65.5 cents per business mile driven.
- Individuals can contribute $22,500 to their 401(k) plans in 2023; this contirbution increases to $23,000 in 2024
- Form 1099-K reporting threshold for third party settlement organizations is required if the taxpayer receives over $20,000 and has more than 200 transactions in 2023.
for Small Business:
- Individual taxpayers may deduct 20% of domestic qualified business income from a partnership, S Corporation or Sole Proprietorship.
- Limitations and phaseouts apply, so call us to provide professional assistance in your individual and business tax needs.
Tax Tips:
- Go online to access any tax documents that you may not receive in the mail. Your broker, bank, and mortgage institution should provide you with a year-end statement containing all relevant information for completing your tax return.
- Be aware of scams from people claiming to be from the IRS or working for the IRS, either by telephone or email, and call us immediately. The IRS will never contact you by email or telephone.
Contact us at (732) 227-4866 in both New Jersey, and Leland, North Carolina, for tax advice from seasoned professionals.
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