Spivey & Morton, CPA, PA Wilson, NC

Spivey & Morton, CPA, PA

We Offer

Individual & Business Taxation

We provide business and personal tax preparation to help you proactively manage your tax issues. Tax laws are complex and change on a regular basis. By assisting with tax preparation, we can help you present the most accurate financial information to government agencies.

WE OFFER

Tax Planning & Financial Consulting

We guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.

SEE ALL SERVICES

Bookkeeping/Payroll
Preparation

Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. We can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.

Quality, Trust, and
Expertise

We're dedicated to helping you with all of your

accounting needs.

Tax Tips

2023 Tax Brackets

10% Up to $11,000 Up to $22,000 Up to $15,700

12% Over $11,000 Over $22,000 Over $15,700

22% Over $44,725 Over $89,450 Over $59,850

24% Over $95,375 Over $190,750 Over $95,350

32% Over $182,100 Over $364,200 Over $182,100

35% Over $231,250 Over $462,500 Over $231,250

37% Over $578,125 Over $693,750 Over $578,100

Married Filing

Jointly

Head of

Household

IRA Contribution Limits for 2023

The maximum amount you can contribute to a traditional IRA for 2022 is $6,500 if you're younger than age 50. Workers age 50 and older can add an extra $1,000 per year as a "catch-up" contribution, bringing the maximum IRA contribution to $7,500.

Simple IRA Contribution Limits for 2023

The annual contribution limit for SIMPLE IRAs is $15,500, up from $14,000 in 2022. Workers age 50 or older can make additional catch-up contributions of $3,500, for a total of $19,000.

401K, 403B and most 457 plans - Contribution Limits for 2023

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $22,500.

2023 Standard Deductions

$13,850 for Single/Married Filing Separate
$20,800 for Head of Household
$27,700 for Married Filing Jointly/Qualifying Widow(er)

2023 Tax Year Deadlines

March 15th, 2024 - Partnerships and S-Corporations

April 15th, 2024 - Individual and C-Corporations

September 16th, 2024 - Extended Partnerships and S-Corporations

October 15th, 2024 - Extended Individual and C-Corporations

Single