Here are my big takeaways from the list of 2023 Tax changes1 Standard deduction and personal exemption combined and seems like everyoneis getting more... so its a wash IMHO.2 Less deductions for those who dont have a business like real estateinvestments. Sigh... it just gets harder and harder for working professionals.3 Sorry to those paying Alimony... Yay to more kids though although we allknow thats a huge net negative unless you put them to work in the farm4 Mortgage interest capped this is to pay for general cuts across the board.Smart investors will find a away to make their home an above the line businessexpense.5 20 pass through on personal return from business yay6 Estate tax limits increases... must be a favor for some old poker buddies7 Lower corporate tax to hopefully repatronize companies who ran away fromUSA.I went down the following list and updated my personal spreadsheets tocalculate my tax liability. You should too... just Dont hand it over to yourCPAINDIVIDUALS Effective Date 1118. Expires 1126. Real Estate Taxes on Primary Home plus State Local Income Taxes Capped at 10000. Standard DeductionsSingle 12000.Head of Household 18000.Married Filing Join 24000. 2 Itemized Deductions EliminatedTax Preparation Fees.Unreimbursed Business Expenses.Continuing Education Expenses.Licensing Fees.Investment Expenses. Alimony u2023 Effective 1119 Alimony No Longer a Deduction to Paying ExSpouse and No Longer Income to Recipient ExSpouse. Mortgage Interest Deduction Limited to 750000 for Primary and Secondary Home New Mortgages Obtained After 121517. Home Equity Interest Deduction on 100000 Only Allowed For Home Improvements. Real Estate Tax Deduction for Vacation Homes No Longer Allowed. Moving Expense Deduction No Longer Allowed. Casualty Loss Deduction No Longer Allowed Except in Presidential Declared Disaster Areas. Medical Expense Deductions Adjusted Gross Income Threshold Reduced from 10 to 7.5 But Only For 2023. 2019. Alternative Minimum Tax Exempt Income Thresholds Increased From 54300 Single84500 Married Filing Joint to 70300 Single109400 Married Filing Joint. Alternative Minimum Tax Exemption Phaseouts Increased From 120700 Single160900 Married Filing Joint to 500000 Single1 Million Married Filing Joint.Note This means that if your income exceeds the 500000 or 1 million phaseout amount you are no longer eligible to exclude 70300 or 109400 from Alternative Minimum Tax. Child Tax CreditIncreases From 1000 to 2023 Per Child For Children Under Age 17. Also This Credit is Refundable Up To 1400 If You Quality Meaning u2023 You Meet The Low Income Tests.Phaseout Increases From 75000 Single110000 Married Filing Joint to 200000 Single400000 Married Filing Join. 529 Plans Change u2023 You Are Now Allowed to Use 10000 Per Year to Pay For K12 Education Tuition Materials and Tutoring. Obamacare Penalty is Eliminated Effective 1119. Marriage Penalty is Removed From All Tax Brackets. Income Tax Brackets Will Now Be Adjusted For Inflation Using a Much Slower Measure Called Chained Consumer Price Index For All Urban Consumers.PASS THROUGH ENTITIES Effective Date 1118. Expires 1126. U.S.Based LLCS S Corps Partnerships and Sole Proprietors Real Estate Investors Trusts and Estates REITs and Qualified Cooperatives 20 Deduction Allowed On Individual Income Tax Return. This 20 is Applied to Your Share of the Taxable Income From a Pass Through Entity. Deduction is Phased Out if Your Income is Too High Phaseout Begins at 157500 Single315000 Married Filing Joint. NonService Businesses Who Exceed The Phaseout Amount Default to This Limitation50 x Wages Reported On Pass Through Business or25 x Wages Reported On Pass Through Business Plus 2.5 x Tax Basis of Depreciable Property.CORPORATIONS Effective 1118 Permanent u2023 Meaning No Expiration Date. 21 Flat Tax Replaces Graduated Tax Brackets. Territorial System Replaces WorldWide System All Foreign Profits of U.S.Based Corporations No Longer Taxed Effective 1118. Pre1118 Untaxed Foreign Profits of U.S.Based Corporations Automatically Subject to Corporate Tax Even if Those Foreign Earnings Remain Held Oversees. Tax Rates on u201cOld Foreign Profitsu201d8 x Untaxed Foreign Profits Invested in Illiquid Assets Plus15.5 x Untaxed Foreign Profits Invested in Cash and Cash Equivalents.ESTATE TAX Estate Exemption Increased From 5490000 Single10980000 Married Couples to 11000000 Single22000000 Married Couples Effective 1118.OTHER 50 Entertainment Deduction No Longer Allowed Effective 1118. TaxFree ParkingTransit Subsidy No Longer Allowed Effective 1118. 100 WriteOff of Qualified Fixed Assets effective 1118.