Yep what'd it do YouTube in this video we'll learn about the 2023 updates to the Earned Income Tax Credit that and more coming up hey what's up guys this is Eli with build you're tomorrow a town dedicated to everything and anything personal finance we believe in spending less than we earn saving money paying down debt making sound investments but most importantly guys we believe in investing in ourselves so if you are new here consider subscribing alright guys well the first thing to know about the Earned Income Tax Credit is that it's a credit that's specifically designed to help working-class families so if you're working and if you have a family then this credit is for you alright guys now the second thing to know about the Earned Income Tax Credit is that it reduces your tax liability dollar-for-dollar so if you have a tax liability of ten thousand dollars, and you get a credit of six thousand now you only owe four thousand dollars in taxes now let's see and let's hope fingers crossed and let's see if you qualify the 2023 income limits and credit amounts for the Earned Income Tax Credit are as follows if you're a single or head of household filer, and you have three kids and you made less than forty-nine thousand two hundred and ninety eight dollars then you qualify you also qualify if you have three kids if your filing status is married filing jointly, and you made it less than fifty four thousand nine 198 dollars for this group of taxpayers the Earned Income Tax Credit is six thousand four hundred and forty-four dollars that's a nice chunk of change if you have two kids you're a single or head of household filer then the income limit...
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How to prepare Form Publication 596
About Form Publication 596
You'll find new itemized deductions, new exemptions, and more new categories of standard deduction, which can take up to 18,750 for single filers and 24,250 for married taxpayers filing jointly. The 2023 version of the 2023 Schedule A doesn't include a new Standard Deduction for individuals — you have to make up for it on your taxes by taking the Personal Exemption — but you'll be able to use the new lower 27.5 percent bracket instead of 39.6. Find the 2023 Schedule A and 2023 Schedule A-DI on the IRS website. The 2023 Schedule A will be due for 2023 tax returns on April 17, 2018. 2018 Standard Deduction & Personal Exemption Changes The 2023 Standard Deduction & Personal Exemption Changes are designed to make 2023 much more affordable than it was previously. You'll find the Personal Exemption lowered from 3,050 to 1,000 for singles and 4,150 for married couples filing joint returns. As part of a change to the standard deduction, itemized deductions will drop from 11,550 (single) & 22,700 (couples filing joint) to zero. The standard deduction is still higher than what you had been paying previously. While you still have a few different ways to spend income on tax savings with a 24,300 standard deduction, this new deduction provides more tax savings.
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