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Get Ready to File Taxes: What’s New for the 2023 Tax Filing Season

2023 Tax Filing Season

Tax season is here, and the last day to file taxes for 2022, or to file a tax extension, is Tuesday, April 18, 2023. Taxpayers requesting an extension will have until Monday, October 16, 2023, to file.

What to Consider When Filing Your 2022 Taxes.

Reporting rules changed for Form 1099-K.
The IRS has updated Form 1099-K for the 2022 tax year and lowered the reporting threshold to $600 for third-party payment networks, such as Venmo and PayPal. However, in December 2022, the IRS announced that 2022 would be a transition year, and third-party payment networks will only need to report if a payee receives gross payments of over $20,000 and has more than 200 transactions. Even though the reporting requirement is delayed, some individuals may still receive a Form 1099-K who have not received one in the past.

Some tax credits are returning to 2019 levels.
With some tax credits reverting to pre-pandemic levels, affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit.

Above-the-line charitable deductions are no longer allowed.
During COVID-19, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. For 2022, those taking a standard deduction may not take an above-the-line deduction for charitable donations.

More people may be eligible for the Premium Tax Credit.
For tax year 2022, taxpayers may still qualify for the Premium Tax Credit, which helps eligible taxpayers cover premiums for health insurance purchased through the Health Insurance Marketplace.

Eligibility rules changed to claim a tax credit for clean vehicles.
Businesses and individuals who bought a new, qualified plug-in electric vehicle (EV) in 2022 or before, may be eligible for a clean vehicle tax credit up to $7,500.

Having accurate, timely financial records is essential for a successful tax season. Businesses must make sure to issue W-2s to their employees, as well as file a Form 1099-MISC for each person to whom they paid certain kinds of income like royalties, awards, and medical payments. There are also requirements for health insurance reporting.

With the many responsibilities that business owners must shoulder, there are definite advantages to hiring an experienced CPA to help you through tax season. S.J. Gorowitz Accounting & Tax Services has the tax and financial expertise you can rely on.

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