How inflation will affect your 2022 and 2023 tax bills
- ByPolk & Associates
- Nov, 10, 2022
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The IRS recently announced next year’s inflation-adjusted tax amounts. For 2023, the standard deduction will increase to $13,850 for single taxpayers, $27,700 for married couples filing jointly and $20,800 for heads of household. This is up from the 2022 amounts of $12,950 for singles, $25,900 for married couples filing jointly and $19,400 for heads of household. For 2023, the highest tax rate of 37% will affect singles and heads of households with income exceeding $578,125 ($693,750 for married taxpayers filing jointly). This is up from 2022 when the 37% rate affects single taxpayers and heads of households with income exceeding $539,900 ($647,850 for married couples filing jointly).
Reinforce your cybersecurity defenses regularly
- ByPolk & Associates
- Nov, 10, 2022
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Unlike the lock to a physical door, which generally protects property for a long time, a business’s cybersecurity measures need to be regularly updated and reinforced. Most cyberattacks fall into two categories: ransomware and social engineering. In a ransomware attack, hackers infiltrate a company’s computer network, encrypt or freeze critical data, and hold that data hostage until their ransom demands are met. Meanwhile, social engineering attacks use manipulation and pressure to trick employees into giving up sensitive data or granting cyberthieves access to internal systems and bank accounts. Be sure to keep your cybersecurity policies, training methods and security measures up to date.
Inflation means you and your employees can save more for retirement in 2023
- ByPolk & Associates
- Nov, 10, 2022
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How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2023 cost-of-living adjustments. The amounts increased more than in recent years due to inflation. The 2023 contribution limit for employees who participate in 401(k) plans will increase to $22,500 (from $20,500 in 2022). This amount also applies to 403(b) plans, most 457 plans and the federal government’s Thrift Savings Plan. The catch-up contribution limit for employees age 50 and over who participate in 401(k)s and the other plans mentioned above will increase to $7,500 (from $6,500 in 2022). That means those age 50 and older can contribute up to $30,000 to their 401(k)s in 2023.