2023 Tax Year Changes
Individuals:
Energy credits have been revamped and many people who were phased out by lifetime limits, may once again be eligible. If you think you may qualify for a credit for any purchases in 2023, please provide your receipt with your other tax documents. Credits are as high as 30% for some items.
The educator expense deduction was raised to $300 in 2022.
Businesses:
Meals have reverted back to the pre-COVID level of 50% deductibility.
Bonus depreciation has begun to phase out. For 2023, bonus depreciation is 80%. This decreases by 20% every year until it is completely phased out by 2027. Section 179 is still available for those who qualify.
We will continue to update this page as more information becomes available.
Last updated on 1/21/2024.