Tax Updates for 2023!

This section of FAQs are for the 2023 tax season (2022 income). Please note that changes have been reverted now that the pandemic is no longer overly impacting the population. Please read carefully and contact us for more information if needed.

• Child Tax Credits have returned to pre pandemic levels of $2,000 for children under age 17.

• No advance child tax payments of $300 per month.

• No Recovery Rebate Credit for missed Economic Impact Payments (stimulus).

• Dependent Care Credits reduced to pre pandemic levels of up to $3,000 per 1 child, $6000 for two or more dependents.

• 2023 Standard mileage rate deduction:

  • 65.5 cents for business miles

  • 14 cents for charitable organizations

  • 22 cents for medical or moving purposes (armed forces only)

• 1099-K $600 reporting threshold postponed until 01/01/2023

• 2023 Earned Income Credit maximum (based on income limitations):

  • No qualifying children: $560

  • 1 qualifying child: $3,733

  • 2 qualifying children: $6,164

  • 3 or more qualifying children: $6,935

• No above-the-line charitable deductions of $300 or $600 if Married filing jointly (MFJ)