Tax Services, Payroll Services and Bookkeeping Services
15% off Tax Preparation for Single Parents
Tax Information
2023 Tax Brackets and Rates
The income limits for all 2023 tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). There are seven federal income tax rates in 2023: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 percent will hit taxpayers with taxable income above $539,900 for single filers and above $693,750 for married couples filing jointly.
2023 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households
| Tax Rate | For Single Filers | For Married Individuals | Filing Joint Returns | For Heads of Households |
|---|---|---|---|---|
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $15,700 | |
| 12% | $11,000 to $44,725 | $22,000 to $89,450 | $15,700 to $59,850 | |
| 22% | $44,725 to $95,375 | $89,450 to $190,750 | $59,850 to $95,350 | |
| 24% | $95,375 to $182,100 | $190,750 to $364,200 | $95,350 to $182,100 | |
| 32% | $182,100 to $231,250 | $364,200 to $462,500 | $182,100 to $231,250 | |
| 35% | $231,250 to $578,125 | $462,500 to $693,750 | $231,250 to $578,100 | |
| 37% | $578,125 or more | $693,750 or more | $578,100 or more |
Standard Deduction and Personal Exemption
The standard deduction will increase by $900 for single filers and by $1,800 for joint filers (Table 2).
The personal exemption for 2023 remains at $0 (eliminating the personal exemption was part of the Tax Cuts and Jobs Act of 2017 (TCJA).
2023 Standard Deduction
Filing Status
- Single
- Married Filing Jointly
- Head of Household
Deduction Amount
- $13,850
- $27,700
- $20,800
Earned Income Tax Credit (EITC)
The maximum Earned Income Tax Credit (EITC) in 2023 for single and joint filers is $560 if the filer has no children (Table 5). The maximum credit is $3,995 for one child, $6,604 for two children, and $7,430 for three or more children.
2023 Earned Income Tax Credit (EITC) Parameters
| Filing Status | No Children | One Child | Two Children | Three or More Children |
|---|---|---|---|---|
| Single or Head of Household (Income at Max Credit) | $7,840 | $11,750 | $16,510 | $16,510 |
| Maximum Credit | $600 | $3,995 | $6,604 | $7,430 |
| Phaseout Begins | $9,800 | $21,560 | $21,560 | $21,560 |
| Phaseout Ends (Credit Equals Zero) | $17,640 | $46,560 | $52,918 | $56,838 |
| Married Filing Jointly (Income at Max Credit) | $7,840 | $11,750 | $16,510 | $16,510 |
| Maximum Credit | $600 | $3,995 | $6,604 | $7,430 |
| Phaseout Begins | $16,370 | $28,120 | $28,120 | $28,120 |
| Phaseout Ends (Credit Equals Zero) | $24,210 | $53,120 | $59,478 | $63,398 |
| Child Tax Credit |
Address
25 Woods Lake Rd Suite 318
Greenville, SC 29607
Contact
Phone: (864) 236-1774
Email: info@louristaxgroup.com
Hours
- Mon - Fri
- -
- Sat - Sun
- Closed