2023 Income Tax Changes For Individuals

New Tax Laws For 2023 Explained! VERY DETAILED AND EASY TO FOLLOW....


Video Outline and Time Stamps so you can quickly jump to any topic:
• 1099K filing update - 0:55
• The 2023 Federal Income Tax Bracket Rates - 2:35
• 2023 capital gain rates for stocks and dividends - 3:35
• Changes to the 2023 standard deduction - 4:28
• Child tax credit rules for 2023- 6:08
•
• 2023 Education Credits and Student loan interest- 8:23
• 2023 401(K) Contribution Limits IRA Contribution Limits- 7:59
• 2023 Social Security Cost of living adjustment 10:12
• 2023 Gift tax exclusion 11:08
• Health Insurance requirement - 12:08
• 2023 Standard Mileage rate (Pending): 13:00
• 2023 QBI (199A Deduction) 13:22
Other related videos:

[rclose]

Newer tax preparer here with a nationwide firm and got more from your 15 minutes than all my pre season training. Thanks for the summary.

[MoneyandLifeTV]

Video Outline and Time Stamps so you can quickly jump to any topic:
• 1099K filing update - 0:55
• The 2023 Federal Income Tax Bracket Rates - 2:35
• 2023 capital gain rates for stocks and dividends - 3:35
• Changes to the 2023 standard deduction - 4:28
• Child tax credit rules for 2023- 6:08
•
• 2023 Education Credits and Student loan interest- 8:23
• 2023 401(K) Contribution Limits IRA Contribution Limits- 7:59
• 2023 Social Security Cost of living adjustment 10:12
• 2023 Gift tax exclusion 11:08
• Health Insurance requirement - 12:08
• 2023 Standard Mileage rate (Pending): 13:00
• 2023 QBI (199A Deduction) 13:22

[selfmadesm]

Happy new year and thank you for this. I am an accounting student and I love how you broke the information down into plain english so that anyone can grasp the info and concepts well. Appreciated.

[DansBlues]

Happy New Year Mike to you and your family. It’s so nice to get a new video from you.

What do you mean it’s tax season again? Seems I just finished tax season. 🙄🙄

You explain things so well and thanks for the update.

That IRS!!! Being above the law and taking things into their own hands to delay implementing the $600 threshold. They don’t have the manpower to handle it. Unless the law changes it will be ugly for them, taxpayers and prepares in the future.

We’ll keep the videos coming when you can. I don’t know how you find time but I appreciate your them and your time.

[johnnixon]

Just want to say thanks, your videos have helped me a ton as life's gotten more complex (aka getting older). You've saved me a ton money that's desperately needed for my family and I really appreciate your educational videos.

[DavidParker]

This is my first year as a tax preparer, I learn more from this video than I have learned from my training.

[jackycane]

Thanks for the info. Please make a video for us seniors still working as 1099 and receiving social security benefits . How can we avoid paying taxes over our social security payment s and how the standards deduction applies. Also please, when we realize we no longer can stay in our home ( health reasons, financial reasons, need to relocate to be close to family) how much is taxed the profits from the house sale? If I buy a new home will I be required to pay capital gains due to the sale of the home we owned for years? How the sale of the house affects social security benefits? Thanks 🙏 there are many seniors like me that will benefit from the information.

[richiegiggs]

Market is down actually, I've been looking into techniques and obviously both bull and bear economic situation gives equivalent road to accumulate monstrous additions, I mean I've known about individuals making up to $300k during this accident and I might want to know how.

[Meyerpink]

Great update. So much stuff on YouTube is plain wrong that I’m glad to hear true and helpful info from you! Keep up the good work.

[mikehenley]

Thank you for all the helpful information. I would never have had the time to research all of those different areas myself.

[MoneyandLifeTV]

Happy New Year! I wish you all a wonderful 2023 and hope you enjoy the video and downloadable spreadsheet. Please feel free to share this video with friends and family, comment and/or leave a like. It really helps other find this information.

[lnkinc]

Thank you so much for another great video I do just want to point out because it does confuse a lot of people even though they're not going to be getting the 1099 k from the different payment apps they are still required to report any cash income received for a business transaction as it accounts for complete gross income and I think a lot of people don't report it thinking they don't have to.... I do want to be sure that these laws are taken into effect for the 2020 two tax year or will they wait until 2023 as I want to thank you for this gift of sharing this information as it is so helpful and you are so appreciated thank you happy new on 1🎉

[TaxAccountant-ksni]

Hi Mike - great summary - didn't the SECURE act clarify the issue about the 10 year rule for nonspouse beneficiary of retirement plans? Most had assumed as long as the funds were withdrawn within the 10 year period they were okay. However, I believe the IRS interpretation stance was a withdrawal each year for 10 years. The IRS had even issued a Reg stating in 2023 you had to "catch-up" but would not penalize for the two prior years if the nonspouse beneficiary had not been taking the withdrawals. The SECURE Act settled it as now the account has to be fully withdrawn with 10 years with no yearly withdrawals. At least this is what I am reading.

[vanessaruiz]

Thank you for this summary! Have you considered adding a mentor/ce program for accounting students and new preparers? Your explanation is on point and very clear. Good luck with your business!

[backergm]

Happy New Year! coming out strong 2023 with a new video content. Takes times to prepare, keep it up.

[brendak]

Please speak about the k-1 tax returns like partnerships and scorps. The penalty after March 15th received by irs is steep. I filed mine and it was received March 6th but the irs is still charging penalty. This penalty is 220 per member per month late or partial month.

[CosmicCosmo]

Glad to see your accounting practice taking off so fast. Would love to see a video talking about your journey and growing pains from the rapid expansion within the first couple of years.

[jacobvelez]

Hey Mike took a break from your channel to study, I’m a Tax Specialist at HR Block this year and your videos have been a huge help in learning ! Any tips on becoming an EA?

[Woodstock]

Thanks for the update mike! appreciate your content. Happy New Year!

[Tskyguy]

Great video Mike. So happy to hear your business is growing. Keep up the good work!!