2023 Tax Limits for Individuals and Business Owners

From social security to deductions and retirement plans, plus employee benefits, these tax limits are higher in 2023 due to increased inflation for businesses and individuals.

• 2023 Tax Rate Guide
  
  
• Inflation Is Reason for Changes to 2023 Tax Limits for Individuals
  
  
• Increased 2023 Tax Limits for Businesses
  
  

Child Tax Credit Rules for 2022 and 2023

The Child Care Tax Credit rules have seen significant changes in recent years, and despite the 2021 rules expiring, there is still value in taking the credit in 2022 and 2023.

Read Child Tax Credit Rules

Avoid Retirement Plan Early Withdrawal Penalties

The standard rule for retirement plan distribution is the penalty for withdrawing from your retirement account prior to age 59 ½. 

There are actions you can take to minimize the penalty but the rules are strict.

Read Avoid Early Withdrawal Penalties

Related Article: New Retirement Contribution Limits for 2023

What's Happening! Promotions Announced!

See what's happening at Lumsden McCormick.  From promotions to board appointments and Firm newsletters, see what we are up to.

Read Lumsden McCormick News 📰

See Who Got Promoted 👍

🏒Last Chance! Enter to Win Hockey Tickets!

Lumsden McCormick clients are eligible to win Sabres tickets!  

• Buffalo Sabres vs. Dallas Stars
• KeyBank Center | March 9, 2023, 7pm
• Section 206 | Row 3

Enter to win by February 28 at 5 pm!