Cheers to you and yours from the team at Sterling Hawthorne Group LLC
Jay, Sean, Christine, Jordan, Thao, and Joan
Sterling Hawthorne Group
5750 Rufe Snow Dr, Ste 119
NRH, TX 76180
Ph: 817-428-6005
The tax due dates are returning to the regular schedule; pre-Covid. Partnerships and S-Corporation business returns are due March 15. Personal (Individual) and C-Corporations are due April 15.
Beginning in mid to late January our office hours will be Monday – Thursday 9:30 am to 5:30 pm and Friday 9:30 am – 5:00 pm. After April 15th we will return to regular hours Monday – Thursday 10:00 am to 5:00 pm and closed on Friday.
For those who prefer not to come into the office, or if our office hours do not meet your schedule please use our secure client portal (Verifyle). You can upload your tax documents and communicate via this secure client portal (email); or phone calls and then by utilizing the e-signatures in Verifyle to complete the return. This will save you time by eliminating the trips to the office.
Services Offered in Addition to Tax Preparation
We have expanded and now offer Family Office Services. The Family Office focuses on the integration of tax, wealth, and risk management into one cohesive experience. Typically, in financial services, advice is segregated to very specific expertise versus being connected across the different financial services disciplines. Creating a cohesive and integrated plan can have the same impact once only reserved for the wealthiest. It is now available to every American family.
Why You Need a Family Office
We see that too many of our clients suffer from the conflicts, high costs, and inefficiencies that result from working with multiple, often competing financial firms. We have made it possible for every American family to enjoy the advantages that were once only available to the ultra-wealthy. We can do taxes first, then a math analysis at no cost to you to see if your current portfolio is right for you.
Those advantages include lower costs, smarter tax treatment, and a holistic approach to preserving, protecting, and growing your wealth.
Our vision for a brighter future is to provide the professionals, the expertise, the systems, and operational controls required to deliver the family office experience.
We also offer more consulting services such as data analytics using different Business Intelligence (BI) tools to solve more complex business problems for our clients. This side of the business has been expanding recently and we foresee BI services growing more in the future.
Standard deduction table
| Filing Status | Standard Deduction 2022 | Standard Deduction 2023 |
| Single | $12,950 | $13,850 |
| Married Filing Jointly or Qualifying Widow(er) | $25,900 | $27,700 |
| Married Filing Separately | $12,950 | $13,850 |
| Head of Household | $19,400 | $20,800 |
Tax Year 2022 Tax Brackets
| Taxable Income Brackets and Rates | |||
| Rate | Single Filers | Married Joint Filers | Head of Household Filers |
| 10% | $0 to $10,275 | $0 to $20,550 | $0 to $14,650 |
| 12% | $10,275 to $41,775 | $20,550 to $83,550 | $14,650 to $55,900 |
| 22% | $41,775 to $89,075 | $83,550 to $178,150 | $55,900 to $89,050 |
| 24% | $89,075 to $170,050 | $178,150 to $340,100 | $89,050 to $170,050 |
| 32% | $170,050 to $215,950 | $340,100 to $431,900 | $170,050 to $215,950 |
| 35% | $215,950 to $539,900 | $431,900 to $647,850 | $215,950 to $539,900 |
| 37% | $539,900+ | $647,850+ | $539,900+ |
Tax Year 2023 Tax Brackets
| Taxable Income Brackets and Rates | |||
| Rate | Single Filers | Married Joint Filers | Head of Household Filers |
| 10% | $0 to $11,000 | $0 to $22,000 | $0 to $15,700 |
| 12% | $11,000 to $44,725 | $22,000 to $89,450 | $15,700 to $59,850 |
| 22% | $44,725 to $95,375 | $89,450 to $190,750 | $59,850 to $95,350 |
| 24% | $95,375 to $182,100 | $190,750 to $364,200 | $95,350 to $182,100 |
| 32% | $182,100 to $231,250 | $364,200 to $462,500 | $182,100 to $231,250 |
| 35% | $231,250 to $578,125 | $462,500 to $693,750 | $231,250 to $578,100 |
| 37% | $578,125+ | $693,750+ | $578,100+ |
Stimulus Payments
None for this tax season
Child Tax Credit (CTC) and Advanced Child Tax Credit (ACTC)
Returns to the standard amount of $2,000 per qualifying child 16 and younger. Up to $1,500 may be refundable.
Unemployment Income
Unemployment income is fully taxable for 2022.
Self-Employed
If you are self-employed in 2022 and receive payments from third party providers like Venmo or PayPal you will receive a 1099-K if you process more than $600. Meals from a restaurant with a business purpose is 100% deductible in 2022. In 2023 it reverts to 50%.
Sterling Hawthorne Group, 5750 Rufe Snow Dr, Ste 119, NRH 76180, Ph: 817-428-6005
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