Federal Income Tax Changes- 2023 ON DEMAND

Overview

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some contexts will be supplied, as appropriate, to assist readers in understanding the changes.

Highlights

Standard deduction increased. Qualified long-term care insurance premiums and benefits. Retirement Savings Contribution Credit. Health flexible spending arrangement contributions. Small Business Premium Tax Credit. Medical and health savings accounts. ROTH IRA Eligibility. Inflation Reduction Act. Qualified Energy Property Credit.

Prerequisites

None.

Designed For

CPAs.

Objectives

Identify the individual income tax rate changes affecting taxpayers. Identify the 2023 standard deduction amounts available to taxpayers. Recognize the changes made to the alternative minimum tax exemption amount for 2023. Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2023. Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts. Determine the amount of assets that may be passed tax-free at death. Identify the qualified business income (QBI) threshold amount, and more.

Preparation

None.

Notice

None.