2023 TAX TIPS AND INFORMATION

INDIVIDUALS

· STANDARD DEDUCTION       

o MFJ = $27,700

o HOH = $20,800

o SINGLE = $13,850 

· NO MORE MOVING EXPENSE DEDUCTIONS

· ALIMONY

o Pre December 31, 2018 still deductible to payee and income to payor

o Post December 31, 2018 no longer deductible.

· MEDICAL EXPENSES

o Must be greater than 7.5% of AGI

· TAXES

o Cannot exceed $10,000 for Property Taxes, State Income Taxes and DMV fees combined

· MORTGAGE INTEREST

o Pre December 31, 2017 mortgages can only deduct interest on $1,000,000

o No more deduction for Equity Lines

o Post December 31, 2017 mortgages can only deduct interest on $750,000

o Be careful when refinancing.

§ Only allowed to change rate and term.

§ If you pull cash out then you will limit yourself to the new $750,000 limit. 

· NO MORE 2% DEDUCTIONS

o No more deducting Unreimbursed Employee Expenses

o No more deductions for entertainment (meals still at 100%)

o No more home office deductions for employees who work from home

o No more deductions for investment fees