New Inflation Adjustments: 2023 Updated Brackets, Standard Deductions and More

Amid rising inflation, the IRS has announced several changes coming for 2023, including higher federal income tax brackets and standard deductions. As the cost of food, energy and other essentials increase, the four-decade high inflation we’re currently experiencing could impact tax bills for many Americans next year. While tax rates are generally adjusted for inflation, …

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Understanding the Safe Harbor rule and how to avoid penalty

If you are self-employed or working in a job that doesn’t provide a typical W2, you may have irregular income and pay quarterly, estimated tax payments. If you are a W-2 employee, it’s likely your employer withholds taxes from your paychecks. In either scenario, when you complete your income tax returns your actual tax liability is …

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