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2023 Tax Year
Filing Updates

Here we are … deep in the seas of tax time. From all of us at Schell & Hogan, we thank you for entrusting us to serve you, all our valuable clients, in the Golden Isles and beyond for more than half a century.

Did you know? According to the Internal Revenue Service, IRS agents expect more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax deadline. We are here to help you and your business, treating you individually with your own unique filing needs.

With Tax Day approaching, we have important updates to share as we prepare to help you file your 2023 taxes.

  • The Standard Deduction Slightly Increased.
    After an inflation adjustment, the 2023 standard deduction increased to $13,850 for single filers and married couples filing separately and to $20,800 for single heads of household, who are generally unmarried with one or more dependents. For married couples filing jointly, the standard deduction rises to $27,700.
  • IRA and 401(k) Limits Are Slightly Higher
    Individuals can contribute up to $6,500 to an IRA, and those age 50+ also qualify to make an additional $1,000 catch-up contribution. In addition, the 2023 contribution limits for tax-deferred 401(k)s and Roth 401(k)s have increased to $22,500. If you're age 50+, you qualify to make an additional $7,500 catch-up contribution for this tax year. Consider maxing out your contributions, which can help boost your retirement savings and potentially provide a tax deduction.
  • You Can Save More in Your Health Savings Account (HSA)
    For 2023, the maximum amount that you can contribute to an HSA is $3,850 for an individual and $7,750 for a family. People 55+ can contribute an extra $1,000 catch-up contribution. You must be enrolled in a high-deductible health plan to be eligible.
  • 2024 Estimated Tax Payment Due Dates:
    • April 15, 2024
    • June 17, 2024
    • September 16, 2024

As your trusted Certified Public Accountants, we offer SafeSend Returns®, a user-friendly and highly secure technology solution that allows you to manage your tax returns from the convenience of a computer, smartphone, or tablet. You do not need to establish an account, download an app, or remember another fussy multi-character password!

Click to learn more about SafeSend Returns® and read through the FAQs that address different types of tax returns. If you have any questions during your SafeSend tax-return experience, just give us a call at 912-638-9031.

Our mission is to help you maintain financial viability in the present, while taking a proactive approach to achieve your future goals. This requires open communication to reach an understanding of all our clients’ needs through detailed research and sound analysis. Schell & Hogan, LLP is dedicated to meeting these goals with high standards of excellence and professionalism.