Tax changes for 2023 (not all inclusive)
- Child tax credits reverted to 2020 amounts and laws (increased credits were for 2021 only)
- Dependent care tax credits reverted to 2020 amounts and laws (increased credits were for 2021 only)
- 100% restaurant business meal deduction ended in 2022
- Earned income tax credit enhancements to eligibility and amounts reduced
- Increased standard deduction to $13,850 (single), $20,800 (HOH), and $27,700 (married filing jointly)
- Tax bracket adjustments (to account for inflation)
- Several tax breaks scheduled for expiration have been extended (such as deduction for PMI, mortgage debt forgiveness income exclusion, and certain energy credits)
- Premium Tax Credit Extended
- Retirement plan contribution limits increased
- AMT exemptions increased
- FSA, HRA, and HSA contribution limits increased and balances allowed to be carried forward
- 1099-K tax form will be received by many more taxpayers this year due to tax law changes
- New and/or amended residential energy credits
- New clean vehicle credit (electric vehicles)