Key tax updates in the US from May to June 2023
Tax updates in the US from May to June 2023
- Second-quarter estimated tax payments are due on June 15, 2023. This is the deadline for taxpayers who owe estimated taxes on their income. Estimated taxes are due quarterly, and they are based on your expected income for the year. If you don’t pay enough estimated taxes, you may owe a penalty when you file your tax return.
- The IRS has announced inflation adjustments for more than 60 tax provisions, including the tax rate schedules. This means that the tax brackets and rates for 2023 have increased slightly to account for inflation.
- The standard mileage rates for business use have increased to 65.5 cents per mile for 2023. This is an increase of 3 cents per mile from the rates for 2022.
- The IRS has issued new guidance on the deductibility of cryptocurrency losses. Taxpayers can now deduct up to $3,000 in cryptocurrency losses on their tax return, but only if they have other capital gains to offset them.
- The IRS has also announced a new program that will allow taxpayers to pay their taxes using cryptocurrency. This program is still in the early stages, but it could make it easier for taxpayers to pay their taxes using digital assets.
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