Get ready for the 2023 Tax Filing Season!
Be aware of the following changes for the 2023 Tax Filing Season:
New Filing Requirements Mandated by the Corporate Transparency Act, Effective January 1, 2024:
- Every 25% owner of an LLC, S corporation, C Corporation and Limited Partnership interest must file with FINCEN.
Child Tax Credit:
- For 2023, parents can claim a maximum child tax credit of $2,000 for each child through age 16 if you meet adjusted gross income requirements.
- You may receive a refundable portion of the child tax credit up to $1,600 per qualifying child.
Child and Dependent Care Credit:
- You may claim 35% on up to $3,000 in expenses for one person, or up to $6,000 of expenses for two or more people and is a non-refundable credit. This means that the maximum child and dependent care credit is $1,050 for one dependent or $2,100 for two or more dependents.
Earned Income Credit Table for 2023:
Children Max AGI (Single) Max AGI (MFJ) Max Credit
ZERO $17,640 $24,210 $600
ONE $46,560 $53,120 $3,995
TWO $52,918 $59,478 $6,604
THREE $56,838 $63,398 $7,430