COVID-19 Resources & Information: Read Now

December Bulletin

Click here to view this month's Client Line

Holiday Office Hours

We will be observing the following office hours during the holiday season:

Friday, December 23, 2022 - Office closes at 12 Noon

Monday, December 26, 2022 - Office will be closed all day

Monday, January 2, 2023 - Office will be closed all day

Merry Christmas and Happy Holidays to all of our clients and friends!

We wish you the very best during this holiday season and upcoming New Year.

IRS/Social Security Administration Release Important 2023 Changes

  • Social Security Wage Base increases from $147,000 to $160,200, resulting in the maximum tax withheld being $9,932.40 (6.2%)
  • Medicare Wages remain the same, 1.45% on all wages
  • 401(k) elective deferral limit increases from $20,500 to $22,500
  • 401(k) Catch-Up contributions increase from $6,500 to $7,500
  • SIMPLE Plan elective deferral limit increases from $14,000 to $15,500
  • IRA Contributions increase from $6,000 to $6,500
  • IRA Catch-Up Contributions remains the same at $1,000

Holiday Scams

The Internal Revenue Service and the Security Summit partners kicked-off the 7th National Tax Security Awareness Week with information for taxpayers and tax professionals on how to avoid scams and protect sensitive personal information. The Summit partners urged people to take extra care while shopping online or viewing emails and texts, especially during the holiday season when criminals are very active. The Security Summit reminds everyone to stay safe while holiday shopping with the following considerations:

  • Shop at sites where the web address begins with "https" – the "s" is for secure communications and look for the "padlock" icon in the browser window.
  • Don't shop on unsecured public Wi-Fi in places like a mall.
  • Keep security software for computers, tablets and cell phones updated.
  • Protect the devices of family members, including young children, older adults as well as less technologically savvy users.
  • Make sure anti-virus software for computers has a feature to stop malware, and that there is a firewall enabled that can prevent intrusions.
  • Use strong and unique passwords for online accounts.
  • Use multi-factor authentication whenever possible. It helps prevent thieves from easily hacking accounts.