​​Standard deduction increase:

 The standard deduction for 2023 increases to $13,850 for single filers and $27,700 for married couples filing jointly. Head of Household standard deduction is $20,800.

 PLEASE THINK ABOUT THIS!!

 If you overestimate on your tax withholdings, you'll get a refund. That may sound GREAT but this means you have effectively used the IRS as a zero-interest savings account for the past 12 months.     

   "Our rule of thumb is to have at least 10 percent of your income taken out of your income."

Your main goal should be to get as close to zero as possible.

 DID YOU KNOW??

When you're self-employed, you are, in fact, operating a small business. A self-employed individual can deduct many expenses as a small business owner that aren't necessarily available to employed individuals.

Deductible business-related expenses include:

1. Home office supplies

  
2. The use of your vehicle for business travel

3. Personal computers and software

4. Meals and entertainment

5. Accounting and legal fees

6. Postage

7. Education and professional association dues

2023 INCOME TAX BRACKETS 

 37% for individual single taxpayers with incomes greater than $578,126 ($693,751 for married couples filing jointly).
 

35% for incomes over $231, to $578,125 ($462, to $693,750 for married couples filing jointly)

32% for incomes over $182,101 to $231,250 ($364,201 to $462,500 for married couples filing jointly)

24% for incomes over $95,376 to $182,100 ($190,751 to $364,200 for married couples filing jointly);

22% for incomes over $44,726 to $95,375 ($89,451 to $190,750 for married couples filing jointly)

12% for incomes over $11,001 to $44,725 ($22,001 to $89,450 for married couples filing jointly).
 
The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 for married couples filing jointly).