Resources
2023 Rates, Deductions & Limits
| Standard Deduction & Exemptions | |||||
| Married Filing Joint Return | 27,700 | ||||
| Head of Household | 20,800 | ||||
| Single | 13,850 | ||||
| Married Filing Separate | 13,850 | ||||
| Claimed as dependent by another | 1,250 | ||||
| Additional Deduction Over 65 and/or blind MFJ | 1,500 | ||||
| Additional Deduction Over 65 and/or blind Single | 1,850 | ||||
| Mileage Rates | |||||
| Business Mileage Rate | $0.655 | ||||
| Charitable Mileage Rate | $0.14 | ||||
| Moving/Medical Mileage Rate | $0.18 | ||||
| Estate Planning Amounts | |||||
| Annual Gift Tax Exclusion | 17,000 | ||||
| Lifetime Taxable Gift Exclusion | 12,092,000 | ||||
| Retirement Contributions Limits | |||||
| Under 50 | Catch-Up | ||||
| Traditional IRA | 6,500 | 1,000 | |||
| Roth IRA | 6,500 | 1,000 | |||
| SIMPLE | 15,500 | 3,500 | |||
| 401k & 403b | 22,500 | 7,500 | |||
| SEP IRA | 61,000 | none | |||
| Defined Contribution Plan | 66,000 | none | |||
| Defined Benefit Plan | 265,000 | none | |||
2023 Tax Tables
| MFJ & Surviving Spouse | ||||
| Taxable Income: | The Tax Is: | |||
| Not over | $22,000 | 10% | ||
| Over | $22,001 | but not over | $89,450 | 12% |
| Over | $89,451 | but not over | $190,750 | 22% |
| Over | $190,750 | but not over | $364,200 | 24% |
| Over | $364,201 | but not over | $462,500 | 32% |
| Over | $462,501 | but not over | $693,750 | 35% |
| Over | $693,750 | 37% | ||
| Married Filing Separate | ||||
| Taxable Income: | The Tax is: | |||
| Not over | $11,000 | 10% | ||
| Over | $11,001 | but not over | $59,850 | 12% |
| Over | $44,726 | but not over | $95,350 | 22% |
| Over | $95,376 | but not over | $182,100 | 24% |
| Over | $182,101 | but not over | $231,250 | 32% |
| Over | $231,251 | but not over | $578,125 | 35% |
| Over | $578,126 | 37% | ||
| Head of Household | ||||
| Taxable Income: | The Tax Is: | |||
| Not over | $15,700 | 10% | ||
| Over | $15,701 | but not over | $59,850 | 12% |
| Over | $59,851 | but not over | $95,350 | 22% |
| Over | $95,351 | but not over | $182,100 | 24% |
| Over | $182,101 | but not over | $231,250 | 32% |
| Over | $231,251 | but not over | $578,100 | 35% |
| Over | $578,101 | 37% | ||
| Single | ||||
| Taxable Income: | The Tax is: | |||
| Not over | $11,000 | 10% | ||
| Over | $11,001 | but not over | $44,725 | 12% |
| Over | $44,726 | but not over | $95,375 | 22% |
| Over | $95,376 | but not over | $182,100 | 24% |
| Over | $182,101 | but not over | $231,250 | 32% |
| Over | $231,251 | but not over | $578,125 | 35% |
| Over | $578,126 | 37% | ||