ICS: Notes from the ICS Computer




	updated on: January 1, 2023 ICS Worksheets Please download any and all helpful worksheets from the links on our home page. Reduce taxes annually And build savings for your future by boosting pretax contributions to your workplace retirement plan or health savings account. Deductions This year the standard deduction for single taxpayers and married taxpayers filing separately is $12,950. For married taxpayers filing jointly, the standard deduction is $25,900. Business food and drink purchased from a restaurant will be 100% deductible in 2021 and 2022. This is to help restaurants hit hard by COVID. All donations and volunteer expenses - as well as medical expenses, real estate taxes on your home, personal property/excise taxes, mortgage interest paid - are deductible if you are itemizing your deductions. Virtual currency is taxable Keep accurate records on virtual currency transactions. The IRS is stressing that these are taxable and must be reported. Failure to report gains is subject to penalties and interest. A maximum of $3,000 in losses may be deducted. Retirement plans The contribution limit for many employer retirement accounts is raised from $20,500 in 2022 to $22,500 in 2023. For those 50 and older, the catch-up contribution is increased from $7,000 to $7,500. IRA and Roth IRA contributions also increased from $6,000 in 2022 to $6,500 in 2023 with an additional $1,000 for catch-up contributions. The required beginning date for required minimum distributions (RMDs) is age 73 beginning in 2023. If you turned 72 before 2023, then your RMDs start at age 72. If you turn 73 before 2033, then your RMDs start at age 73. Important reminders: Please remember We must have all your tax information by March 20th, in order to guarantee an April 15th filing. Send in your tax info by email, fax, mail, DropBox.com, SendInc.com or via the lock box at our front door. The IRS encourages: Electronic filing of tax returns, direct deposit of refunds, and direct withdrawals of amounts owed. This eliminates lost returns, reduces errors, and speeds up refunds. To have your return E-filed and your refunds direct deposited into your bank account we'll need the following information: (1) name of bank (2) routing number of bank (3) your account number STAY SAFE AND HAVE A BEAUTIFUL 2023!