SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online tax guide so I can thank them personally.
Anh Le, CPA, CGMA, EA, MBA
12400 Olive Blvd, Suite 320
Creve Coeur, MO 63141
Phone: 314-624-0350
Fax: 314-624-0351
Email: anh@anhlecpa.com
Website: www.lecpafirm.com
2023 Tax Planning Guide
Alternative Minimum Tax
The exemption for taxpayers subject to the Alternative Minimum Tax (AMT), which limits allowable deductions for some higher-income taxpayers, increased significantly in 2023. If you believe your taxable income could trigger the AMT, increasing tax-deferred contributions to qualified retirement plans could help lower your AMT or even help you avoid the alternative tax altogether.
KIDDIE TAX
In 2022, the first $1,150 of a minor child's unearned income qualified for the standard deduction. The next $1,150 was taxed at the child's income tax rate. A child (or young adult's) unearned income beyond $2,300 was taxed at the parent's normal tax bracket. In 2023, the limits rise to $1,250 and $2,500.SOCIAL SECURITY TAX WAGE BASE INCREASED
Beginning in 2023, the maximum earnings subject to Social Security tax will rise to $160,200 from $147,000 in 2022. Currently, the employer and employee each pay half of the 12.4% Social Security tax due. Workers also pay a Medicare tax of 1.45% each year, plus an extra 0.9% on wages earned over $200,000. Self-employed workers must pay the full 12.4% Social Security tax.CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Anh Le, CPA and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.