information@bvcocpas.com
(775) 786-6141
Tax Guide

2023

2022

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,500 $ 6,000
Section 401(k) plans 22,500 20,500
Section 415 limit for:
Defined contributions plans 66,000 61,000
Over age 50 additional contributions:
401(k) type plans 7,500 6,500
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return (if taxpayers are covered by a workplace retirement plan) 116,000 109,000
Joint Return (taxpayer not covered by a workplace retirement plan married to someone who is covered) 218,000 204,000
Single or Head of Household 73,000 68,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return 218,000 204,000
Single or Head of Household 138,000 129,000

Social Security Beneficiaries Earnings Limits

Under full retirement age 21,240 19,560
Full retirement age 4,710/mo. 4,330/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 160,200 147,000
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) No limit No limit

Health Savings Accounts

Individual 3,850 3,650
Family 7,750 7,300
Catch-Up (55 or older) 1,000 1,000

Section 179 Expense

Maximum expense election 1,160,000 1,080,000
Phaseout threshold 2,890,000 2,700,000

Estate Taxes

Estate tax exemption 12,920,000 12,060,000
Top estate tax rate 40% 40%

Gift Taxes

Lifetime gift tax exemption 12,920,000 12,060,000
Annual gift tax exemption
Gifts per person 17,000 16,000
Joint gifts with spouse 34,000 32,000

Standard Mileage Rates

Business 65.5¢ per mile 58.5¢ per mile (1/1-6/30)
62.5¢ per mile (7/1-12/31)
Charitable 14¢ per mile 14¢ per mile
Medical and Moving 22¢ per mile 18¢ per mile (1/1-6/30)
22¢ per mile (7/1-12/31)

1/26/2023

2021

2020

Retirement Plan Contribution Limits

Individual Retirement Accounts $ 6,000 $ 6,000
Section 401(k) plans 19,500 19,500
Section 415 limit for:
Defined contributions plans 58,000 57,000
Over age 50 additional contributions:
401(k) type plans 6,500 6,500
IRAs 1,000 1,000
IRA AGI Deduction phase-out starting at:
Joint Return ( if taxpayers are covered by a workplace retirement plan) 105,000 104,000
Single or Head of Household 66,000 65,000
ROTH IRA AGI Deduction phase-out starting at:
Joint Return 198,000 n/a
Single or Head of Household 125,000 n/a

Social Security Beneficiaries Earnings Limits

Under full retirement age 18,960 18,240
Full retirement age 4,210/mo. 4,050/mo.

FICA Taxable Wage Base Limits

Social security (6.20% for employers, 6.20% for employees; 12.40% for self-employed.) 142,800 137,700
Medicare (1.45% for employees; 2.90% for self-employed with incomes under 200,000 individual and 250,000 married filing jointly. 2.35% for employees; 3.80% for self-employed with incomes over 200,000 individual and 250,000 married filing jointly.) No limit No limit

Health Savings Accounts

Individual 3,600 3,550
Family 7,200  7,100
Catch-Up (55 or older) 1,000  1,000

Section 179 Expense

Maximum expense election 1,050,000 1,040,000
Phaseout threshold 2,620,000  2,590,000

Estate Taxes

Estate tax exemption 11,700,000 11,580,000
Top estate tax rate 40%  40%

Gift Taxes

Lifetime gift tax exemption 11,580,000  11,580,000
Annual gift tax exemption
Gifts per person 15,000 15,000
Joint gifts by spouse 30,000 30,000

Standard Mileage Rates

Business 56¢ per mile  57.5¢ per mile
Charitable 14¢ per mile  14¢ per mile
Medical and Moving 16¢ per mile  17¢ per mile

1/24/2022





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100 W. Liberty St., Suite 1100
Reno, NV 89501

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