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Miscellaneous
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2023 Tax Rates
|
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Business expensing limit: Cap on equipment purchases
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$2,890,000
|
|
Business expensing limit: New and Used Equipment and
Software
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$1,160,000
|
|
Qualified Business Income threshold amount:
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$182,100 (single and head of household); $364,200 (married
filing joint return)
|
|
Qualified Small Employer Health Reimbursement Arrangement
limit:
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$5,850 (single coverage); $11,800 (family coverage)
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|
Prior-year safe harbor for estimated taxes of higher-income
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110% of your 2022 tax liability
|
|
Standard mileage rate for business driving
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65.5
|
|
Standard mileage rate for medical driving
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22
|
|
Standard mileage rate for moving driving - Members of the
Armed Forces on active duty who move because of a permanent change of station
|
22
|
|
Standard mileage rate for charitable driving
|
14
|
|
Child Tax Credit
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$2,000
|
|
Unearned income maximum for children under 19 before kiddie
tax applies
|
$1,250
|
|
Maximum capital gains tax rate for taxpayers with income up
to $44,625 for single filers, $89,250 for married filing jointly
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0%
|
|
Maximum capital gains tax rate for taxpayers with income
$44,625 to $492,300 for single filers, $89,250 to $553,850 for married filing
jointly
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15%
|
|
Maximum capital gains tax rate for taxpayers with income
above $492,300 for single filers, $553,850 for married filing jointly
|
20%
|
|
Capital gains tax rate for unrecaptured Sec. 1250 gains
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25%
|
|
Capital gains tax rate on collectibles
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28%
|
|
Maximum contribution for Traditional/Roth IRA
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$6,500 if under age 50
$7,500 if 50 or older
|
|
Maximum employee contribution to SIMPLE IRA
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$15,500 if under age 50
$19,000 if 50 or older
|
|
Maximum Contribution to SEP IRA
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25% of eligible compensation
up to $66,000
|
|
401(k) maximum employee contribution limit
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$22,500 if under age 50
$30,000 if 50 or older
|
|
Estate tax exemption
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$12,920,000
|
|
Annual Exclusion for Gifts
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$17,000
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