Reading Time: 4 minutes We’ve all been there—it’s the end of the year, and if the holidays weren’t stressful enough, you’re also realizing that you had an especially prosperous year, which means your tax burden is higher (perhaps even much higher) than expected. It feels like a deadline is approaching, and you know you need to make some adjustments. Luckily, there are some key actions you can take. Whether you are on the cusp of the next income bracket, realized greater returns on your investments than anticipated, or were awarded a raise that changed your financial situation, there are a hand ..read more

Reading Time: 2 minutes This year, we’ve put together a round up to help you get started with tax planning for 2023. Below you will find our roundup of articles on: Retirement Planning Tax Planning for Individuals Estate and Gift Tax Exemptions and Charitable Contributions Education Tax Benefits State and Local Tax Issues Net Investment Income Tax and Alternative Minimum Tax A Note from Us: At Akif CPA, we specialize in tax return preparation for individuals, families, and businesses. We are currently accepting new clients. Please contact us today if you require tax help. Reti ..read more

Reading Time: 2 minutes In this portion of our 2023 Tax Planning series, we outline the details regarding Net Investment Income Tax and Alternative Minimum Tax. A Note from Us: At Akif CPA, we specialize in tax return preparation for individuals, families, and businesses. We are currently accepting new clients. Please contact us today if you require tax help. 2023 Net Investment Income Tax (NIIT) Investors may owe an additional 3.8% tax in 2023. This tax is referred to as Net Investment Income Tax (NIIT). Who does NIIT affect? NIIT affects… Individuals Estates Trusts …above ce ..read more

Reading Time: < 1 minute It’s important to take note of contribution limit changes for retirement plans in 2023. Changes have also come to minimum distribution ages. We outline both below: 2023 Retirement Account Contribution Limits Account Type Contribution Limit Additional for ages 50+ 401(k)/403(b) $22,500 +$7,500 for ages 50 and over IRA $6,500 +$1,000 for ages 50 and over Roth IRA Subject to Income Limits +$1,000 for catch up contributions SEP IRA Subject to Income Limits Based on Self-Employed Income 2023 Required Minimum Distributions The SECURE 2.0 Act has raised the ..read more

Reading Time: 2 minutes Changes in 2023 With inflation adjustments for more than 60 tax provisions, the IRS has made meaningful changes impacting 2023 tax returns. This includes changes to the standard deduction (up $1,800 for married couples, up $900 for single taxpayers and married individuals filing separately, up $1,400 for heads of households). We’ll look at these in greater detail in coming sections. 2023 Standard Deduction Single Filers Joint Filers Heads of Household Married, Filing Separately $13,850 $27,700 $20,800 $13,850 $14,600 $29,900 $21,900 $14,600 If you are over 65 ..read more

Reading Time: 3 minutes In this portion of our 2023 Tax Planning series, we walk through Estate Tax Exemptions (Federal and State), Gift Tax Exemptions, and Charitable Contribution Deduction Limits and Strategy. A Note from Us: At Akif CPA, we specialize in tax return preparation for individuals, families, and businesses. We are currently accepting new clients. Please contact us today if you require tax help. 2023 Federal Estate Tax Exemption The 2023 Federal Estate Tax Exemption is $12.92 million, meaning that if a person leaves behind an estate worth less than $12.92 million, the federal est ..read more

Reading Time: 3 minutes In this portion of our 2023 Tax Planning series, we walk through key Education Tax Benefits that come into play for 2023. A Note from Us: At Akif CPA, we specialize in tax return preparation for individuals, families, and businesses. We are currently accepting new clients. Please contact us today if you require tax help. Education Tax Benefits for 2023 We are highlighting three key areas of focus for education tax benefits in 2023—the American Opportunity Tax Credit, the Lifetime Learning Credit, and 529 Plans. The American Opportunity Tax Credit Limits for 2023 For eli ..read more

Reading Time: 3 minutes In this portion of our 2023 Tax Planning series, we outline some of the core issues impacting State and Local Taxes, namely the impact of remote work, credits for taxes paid to other states, and deduction caps for state and local property taxes. A Note From Us: At Akif CPA, we specialize in tax return preparation for individuals, families, and businesses. We are currently accepting new clients. Please contact us today if you require tax help. Know the Impact of Remote Work As the trend toward remote work continues, many individuals will face state tax consequences and a ..read more

Reading Time: 3 minutes The IRS has begun issuing “Get Ready” alerts, to remind all US taxpayers that time is running out to make changes to 2023 income and tax withholding, and to begin preparations for the upcoming tax season. “A little advance work now can help [you] have the paperwork and information ready to file [your] tax returns quickly and accurately,” the alert states. You can see their full list of steps you can take now, as well as what’s new and what to consider for the next time you file here: Get Ready to File Your Taxes. Let’s walk through what the IRS recommends to work on tod ..read more

Reading Time: 3 minutes Tax rates (10%, 12%, 22%, 24%, 32%, 35%, and 37%) maintain the same percentage in 2024, but the income markers for each bracket have changed. Related: 2024 Tax Due Dates and Deadlines Also Read Previous Years Tax Brackets Comparison: 2023 Tax Brackets Vs 2022 Tax Brackets 2022 Tax Brackets Vs 2021 Tax Brackets 2021 Tax Brackets Vs 2020 Tax Brackets 2020 Tax Brackets Vs 2019 Tax Brackets Single Tax Payers Below are some of the insights into the tax bracket 2024 for single taxpayers: Tax Rates do NOT change in the year 2023 for single taxpayers, however, inflation adju ..read more