G&K Taxes And Accounting
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Welcome to G&K Taxes And Accounting. Our main goal is to always achieve a high level of customer satisfaction with the services that we provide.
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Since being established in 1998, G&K Taxes And Accounting has been known for an unparalleled commitment to customer satisfaction. It’s this standard of excellence that has provided the impetus for us to grow into the business we are today. For more information about our services and how we can assist you during the tax season and beyond, please contact us by phone or email. We sincerely appreciate your business and look forward to serving you.
We look forward to serving you during tax season and beyond.
Tax Prep Checklist
Federal Income Tax Brackets
Marginal Rates: For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly).
The other rates are:
35%, for incomes over $215,950 ($431,900 for married couples filing jointly);
32% for incomes over $170,050 ($340,100 for married couples filing jointly);
24% for incomes over $89,075 ($178,150 for married couples filing jointly);
22% for incomes over $41,775 ($83,550 for married couples filing jointly);
12% for incomes over $10,275 ($20,550 for married couples filing jointly).
The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).
State Income Tax
States generally take one of three approaches to taxing residents or taxpayers who earn income in their state.
They don’t tax income at all.
They impose a flat tax. That means they tax all income, or dividends and interest only in some cases, at the same rate.
They impose a progressive tax. That means people with higher taxable incomes pay higher state income tax rates.
There are seven states that do not levy income tax on income earned in their state.
The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.
The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.
Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be (rates to be used for 2022 tax year also):
65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.
The IRS will begin Processing 2022 tax returns as soon as Monday, Janurary 23, 2023!
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Please Click the "Book Online" Tab at the Top (Left) of This Page to Book The Following Services:
Corporate Income Tax Preparation
Individual Income Tax Preparation
Non-Profit Tax Preparation
Sales & Use Tax Preparation/Filing
Tax prep checklist (see attachment below)
Monday - April 17, 2023