Federal Income Tax Changes 2023
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 the SECURE Act 2.0 and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.
Last Revision: February 2023
Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law.
This course will examine:
- the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer,
- the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act, and
- the SECURE Act 2.0 provisions for 2023 that affect retirement plans.
After completing this course, you should be able to:
- List the 2023 changes in various amounts for items such as mileage rates, standard deductions, other deductions, exemptions, and expenses.
- Identify the 2023 tax credit changes affecting various credits such as the Child Tax Credit and the EITC.
- Recognize the 2023 changes affecting specialized accounts such as HSAs and IRAs.
- List the changes effective for 2023 with respect to employer tax credits and mandates.
- Describe the principal Inflation Reduction Act (IRA) provisions affecting taxpayers in 2023.
- List the key provisions of the SECURE Act 2.0 effective in 2023 resulting from the passage of the Act.
