General Tax Changes for 2023

Rivetrider1 — Tue, 24 Feb 2026 06:41:10 GMT

Hello,

I am a CFP with an RIA in Delaware. In our annual reviews with clients we always want to educate/remind them about changes that can save them money when they file, such as the $600 below the line deduction for donations during Covid. What all is out there for 2023?

Thanks,

Theo

Re: General Tax Changes for 2023

Cindy4 — Wed, 28 Jun 2023 16:20:02 GMT

Hi Theo!

Standard deductions for 2023 are $27,700, plus $1,500 for each spouse 65 or older. Singles $13,850, $15,700 if age 65 or up. Heads of household $20,800 plus $1,850 for 65 and up.

Tax rates on long-term capital gains and qualified dividends don't change, but the income thresholds are rated. Here is a link to those new rates: https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-short-term-vs-long-term-capital-gains-taxes-brokerage-accounts-etc/L7KCu9etn

Bonus depreciation drops from 100% to 80% unless the new proposals in the House pass.

The temporary 100% meal deduction for business meals expires, and it returns to 50%

The dollar threshold for the 20% deduction for pass-through income goes up to $362,200 for joint filers and $182,100 for all others.

Current proposals in the House, these are still pending approval, include:

Hiking the standard deduction $4,000 for couples, $2,000 for singles and $3,000 for household heads.

Reviving 100% first-year bonus depreciation.

Restoring full Research and development expensing.

Sales of S corporation stock having gain exclusion if the stock otherwise meets the rules for "qualified small business stock".

There's most certainly more changes to come as there always is as we approach year end.

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General Tax Changes for 2023

Re: General Tax Changes for 2023