2023 Filing Tax Return Update
The US Tax Adjustments for 2022
The IRS announces tax adjustments for 2022, and it will affect in 2023 tax year. Standard deduction and exclusion can help you to reduce the taxes that you have to pay, or even no taxes. However, if you’re a foreigner filing 1040-NR, you can’t use the deduction and exclusion.
The following items are the US tax adjustments for 2022:
- The standard deduction for married couples filing jointly is increased from $25,100 to $25,900.
- The standard deduction for single taxpayers or married couples filing separately is increased from $12,550 to $12,950.
- The standard deduction for filing as heads of household is increased from $18,800 to $19,400.
- The foreign earned income exclusion is increased from $108,700 to $112,000.
- The exclusion for the estates of decedents who die during 2022 is increased from $117,000,000 to $12,060,000.
- The annual exclusion for gifts is increased from $15,000 to $16,000.
USCPA Sophie Luo (羅霞) reminds you that the US 2022 tax year is around the corner, please prepare for your tax documents and file your tax return on time to avoid the penalty from the IRS.
If you have any questions or need other help, please contact me at the
USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
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