the wolves of Wall Street Don’t miss the daily Term Sheet, Fortune’s newsletter on deals and dealmakers. Bill Gates talked to high schoolers about the secrets to success. “Secret” recession signs may provide clues to when the next downturn is coming -The HENRYs- high earners, not rich yet-may finally be having their moment -A recession may not be likely, but a “semi-recession” is. That shields your loved ones from federal estate and gift taxes when you die. And people who are over 50 can now contribute up to $6,500.Īnd the lifetime gift and estate tax exemption has climbed to $11.58 million per individual, a $118,000 increase from 2019. (Remember, those balances can be rolled over from one year to the next and can accrue interest tax free.)Ĭontribution limits for 401(k) and 403(b) (along with some 457 plans) jumped from $19,000 in 2019 to $19,500. tronically file their 2023 federal tax returns directly with the IRS for free. To securely log into your federal tax account, go to IRS.gov/Account. The individual limit has been raised from $3,500 to $3,550 and the family plan max has jumped $100 to $7,100. Section 210 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 provided for the temporary allowance of a 100 business meal deduction for food or beverages provided by a restaurant and paid or incurred after December 31, 2020, and before January 1, 2023. If you qualify for a Health Savings Account, you can add a little more. Personal exemptions were also eliminated. The standard deduction is now higher, climbing to $12,400 for singles and $24,800 for married people filing jointly in 2020. Information about Publication 15-T, Federal Income Tax Withholding Methods, including recent updates and related forms. The changes don’t stop with the updated tax brackets, though.
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