Year End Tax Information

Current Year Engagement Letter

2023 Engagement Letter

Client Organizer

Client Questionnaire

2023 Varty Tax Questionnaire

E-File & Direct Deposit Authorization Forms

2023 Direct Deposit Form

Current Year Tax Tables

	Single	Married, Filling Jointly	Head of Household	Married, Filing Separate
10% Tax Rate	$0 – $11,000	$0 – $22,000	$0 – $15,700	$0 – $11,000
12% Tax Rate	$11,001 – $44,725	$22,001 – $89,450	$15,701 – $59,850	$11,001 – $44,725
22% Tax Rate	$44,726 – $95,375	$89,451 – $190,750	$59,851 – $95,350	$44,726 – $95,375
24% Tax Rate	$95,376 – $182,100	$190,751 – $364,200	$95,351 – $182,100	$95,376 – $182,100
32% Tax Rate	$182,101 – $231,250	$364,201 – $462,500	$182,101 – $231,250	$182,101 – $231,250
35% Tax Rate	$231,251 – $578,125	$462,501 – $693,750	$231,251 – $578,100	$231,251 – $346,875
37% Tax Rate	$578,126 +	$693,751 +	$578,101 +	$346,876 +

FILING STATUS	STANDARD DEDUCTION
Single	$13,850
Married Filing Jointly or Qualifying Widow(er)	$27,700
Married Filing Separately	$13,850
Head of Household	$20,800

Retirement Contribution Limits

This chart lists the maximum amounts individuals are permitted to contribute to their retirement plans each year.
Maximum Dollar Limits	2024	2023	2022
Annual employee contribution limit for 401(k), 403(b), or 457 savings plans	$23,000	$22,500	$20,500
Annual catch-up contribution limit for 401(k), 403(b) or 457 savings plans if employee is age 50 or over	$7,500	$7,500	$6,500
Maximum annual benefit payable by a defined benefit pension plan	$275,000	$265,000	$245,000
Annual limit for combined employer – employee contributions to a defined contribution plan	$69,000	$66,000	$61,000
Annual contribution limit to an Individual Retirement Account for individuals	$7,000	$6,500	$6,000
Annual catch-up contribution limit for Individual Retirement Accounts for individuals age 50 or over	$1,000	$1,000	$1,000
Annual employee contribution for SIMPLE plans	$16,000	$15,500	$14,000
Annual catch-up employee contribution for SIMPLE plans if employee is age 50 and over	$3,500	$3,500	$3,000
Maximum amount of wages taxable by Social Security	$168,600	$160,200	$147,000

Current Year Education Credit Information

2023 – Education Incentives & Phaseouts
(Schedule provided for your review as to opportunities available based on your income – same expenses cannot be used for more than one program)
	American Opportunity Credit (formerly Hope Credit)	Lifetime Learning Credit	Penalty-free withdrawals from regular and Roth IRAs	Scholarships	Employer Provided Educational Assistance Plan	U.S. Savings Bond Proceeds
Phase-out	Single: AGI $80,000 – $90,000 Married Filing Joint: AGI $160,000 – $180,000	Single: AGI $80,000 – $90,000 Married Filing Joint: AGI $160,000 – $180,000	None	None	None	Single: AGI $91,850 – $106,850 Married Filing Joint: AGI $137,800 -$167,800
Comment	Available first four years of college; $2,500 maximum per yr. per half-time student 40% can be refundable	Available indefinitely; $2,000 maximum per year per taxpayer; nonrefundable	Withdrawals from regular IRAs are generally subject to income tax but not to 10% early withdrawal penalty	Excludible from gross income as long as degree program & no services performed	Excludible from gross income up to $5,250. Extreme restrictions on plan	Interest income may be excludible from gross income. Bonds must have been issued after 1989
	Student Loan Interest Deduction	Qualified State Tuition Program	Coverdell Education Savings Account (Education IRA)
Phase-out	Single: AGI $75,000 – $90,000 Married Filing Joint: AGI $150,000 – $180,000	None	Single: AGI $95,000-110,000 Married Filing Joint: AGI $190,000 – $220,000
Comment	$2,500 maximum deduction per year from AGI	Earnings used for education purposes will generally not be taxable in tax years beginning after 2001	$2,000 per year per beneficiary nondeductible contribution. Beneficiary must be less than 18. Asset of parent for financial aid