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TaxBuzz Top 5 - IRS Updates Tax Brackets, Lien Placed on Guiliani's Condo, & More

TaxBuzz Top 5 - IRS Updates Tax Brackets, Lien Placed on Guiliani's Condo, & More

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. IRS Updates Income Tax Brackets For 2023

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Credit: Chip Somodevilla/Getty Images

The Internal Revenue Service (IRS) has issued updated income tax brackets for tax year 2023. CNBC provided details, noting that the IRS has boosted the income thresholds for each bracket. 

For those who are married filing jointly, the brackets are:

  • $22,000 or less - 10% of the taxable income
  • $22,001 to $89,450 - $2,200 plus 12% of amount over $22,000
  • $89,451 to $190,750 - $10,294 plus 22% of amount over $89,450
  • $190,751 to $364,200 - $32,580 plus 24% of amount over $190,750
  • $364,201 to $462,500 - $74,208 plus 32% of amount over $364,200
  • $462,501 to $693,750 - $105,664 plus 35% of amount over $462,500
  • $693,751 or more $- 186,601.50 plus 37% of amount over $693,750

For those who are married filing separately or single, the brackets are:

  • $11,000 or less - 10% of the taxable income
  • $11,001 to $44,725 - $1,100 plus 12% of amount over $11,000
  • $44,726 to $95,375 - $5,147 plus 22% of amount over $44,725
  • $95,376 to $182,100 - $16,290 plus 24% of amount over $95,375
  • $182,101 to $231,250 - $37,104 plus 32% of amount over $182,100
  • $231,251 to $578,125 - $52,832 plus 35% of amount over $231,250
  • $578,126 or more - $174,238.25 plus 37% of amount over $578,125

You can view the agency's full update in PDF form hereEditSign.

2. Tax Lien Placed on Rudy Guiliani's Florida Condo

Former New York City Mayor Rudy Guiliani (R), who was recently indicted in Fulton County, Georgia alongside former President Donald Trump and 17 others, is facing further legal trouble.

The New York Times confirms that the IRS has placed a lien on Guiliani's Palm Beach luxury condominium because he owes approximately $550,000 in income taxes.

The residence is located fewer than three miles from Mar-a-Lago, Trump’s own home and private club. According to The Palm Beach Daily News, Giuliani and his ex-wife listed the condo for $3.3 million in 2019, but a buyer was never found.

In the Georgia case, Guiliani faces a racketeering charge, among other charges, including a defamation case opened by two election workers in the Peach State.

3. 750,000 Arizonans to Receive Tax Rebate Check

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Photographer: Douglas Sacha/Getty Images

According to state authorities, nearly three-quarters of a million households in Arizona will soon receive a tax rebate check. AZ Central broke down the details of the Republican-backed rebate plan, which is commonly referred to as the Arizona Families Rebate Plan.

The outlet notes that the rebate is available to year-round Arizona residents who claimed the state's existing dependent tax credit on their tax-year 2021 returns. Eligible Arizonans must also have owed at least $1 in taxes in 2019, 2020, or 2021.

The rebate is valued at $250 per child for children under age 17. For dependents who are 17 and up, the rebate is worth $100. The rebates will be automatically distributed to qualifying households beginning around October 30, 2023.

4. U.S. Treasury Department Release New EV Tax Credit Guidance

The United States Department of the Treasury has issued new guidance related to electric vehicle (HV) tax credits

The official release notes that, as a result of the Inflation Reduction Act, consumers can opt to transfer their new clean vehicle credit of up to $7,500 or their previously owned clean vehicle credit of up to $4,000 to a car dealer beginning on January 1, 2024. In effect, this will reduce the vehicle’s purchase price by providing consumers with an upfront down payment at the point of sale. This will be beneficial to those who don't have the liquid funds to buy a new car if they would have to wait a year for a tax credit. ONLY those automobiles purchased under the consumer clean vehicle credits qualify for this option.

The new guidance offers additional information on registration requirements and how the transfer will work at the dealer level. 

“President Biden’s Investing in America agenda is focused on lowering transportation costs for consumers and giving American car companies the tools to lead the market,” said Laurel Blatchford, Chief Implementation Officer for the Inflation Reduction Act. “For the first time, the Inflation Reduction Act allows consumers to reduce the up-front cost of a clean vehicle, expanding consumer choices and helping car dealers expand their businesses."

5. New Jersey Senior Citizens Can Claim Property Tax Relief Until October 31

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Credit: MoMo Productions/Getty Images

New Jersey state officials are issuing a "last call" for senior citizens and disabled persons to submit property tax relief applications before Halloween, October 31. The "senior freeze" property tax relief program is open to qualifying residents who earned under $100,000 last year.

NJ Spotlight News notes that income limits for the program have risen recently, to $99,735 in 2022 from $94,178 in 2021. The average rebate is $234 for new recipients and $1,415 for repeat recipients. 

The state has vowed to do more for senior citizens, including the passage of a June 2023 law that approved hundreds of millions of dollars annually to pay for "Stay NJ" program benefits designed to cut property tax bills in half for many older homeowners. However, this will not take effect until at least 2026. 

For now, homeowners age 65 or older -- or qualifying disabled residents -- who have owned their home for at least three years and have lived in New Jersey without moving since 2011 can apply online using this portal.

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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