IMPORTANT TAX ANOUNCEMENTS!

Business income taxes are due March 15th

The tax filing deadline for 2023 tax year is April 15th!

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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 2023, the top tax rate remains 37% for individual single taxpayers with incomes greater than $578,125 ($693,750 for married couples filing jointly).

The other rates are:

35% for incomes over $231,250 ($462,500 for married couples filing jointly);
32% for incomes over $182,100 ($364,200 for married couples filing jointly);
24% for incomes over $95,375 ($190,750 for married couples filing jointly);
22% for incomes over $44,725 ($89,450 for married couples filing jointly);
12% for incomes over $11,000 ($22,000 for married couples filing jointly).

The lowest rate is 10% for incomes of single individuals with incomes of $11,000 or less ($22,000 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 nine states that do not levy income tax on income earned in their state.

Alaska.
Florida.
Nevada.
South Dakota.
Texas.
Washington.
Wyoming
New Hampshire
Tennessee

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The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900, and for heads of households, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.

The personal exemption for tax year 2023 remains at 0, as it was for 2022, 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 2023 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 2023.
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 2023.
14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.