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What’s New in Tax Deductions and Credits for Tax Year 2023?
Credit: Benjamin Gelbart
Tax Year 2023 sees the continuation of the Tax Cuts and Jobs Act of 2017 (TCJA) and the end of COVID-related Tax Relief introduced in the Tax Relief Act of 2020 and the Consolidated Appropriations Act of 2021.
Among other things, this means no deductions are available for unreimbursed employee expenses or for non-business casualty loss outside of federally declared disasters. Moving expenses are only deductible for qualified active-duty members of the Armed Forces. Itemized deduction of state and local tax is still limited to $10,000. There is no deduction for charitable giving outside of itemized deductions.
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What’s New in Tax Deductions and Credits for Tax Year 2023