• Accounting
        • Your financial statements should show a complete picture of your business, and lay the foundation to help you create a strategy for the future.
          READ MORE>

        • Tax
        • Tax returns prepared to ensure we minimize your liability and keep more of your earnings over the long term.
          READ MORE>

        • Business Advisory
        • From proper entity selection at the inception of a business to developing an exit strategy, we are here to guide you in making informed decisions that are goal driven and take into consideration the materiality of your financial situation.
          READ MORE>

        • QuickBooks
        • We maximize your QuickBooks investment by customizing the software to meet your specific needs and industry best practices.
          READ MORE>

        • Litigation Support
        • We employ strong analytical and communication skills to produce evidence that supports your position in cases of a dispute or negotiation.
          READ MORE>

        • M&A Advisory
        • Whether you are selling, acquiring or expanding, we are well equipped to ensure you respond to opportunities swiftly and with confidence.
          READ MORE>

        • SJG
        • Manufacturing & Distribution
        • Success in manufacturing and distribution hinges on your ability to manage numerous details with accuracy and foresight into how they impact current and future operations.
          READ MORE>

        • Consulting Services
        • You focus on your core competencies, customer service and strategy and we’ll keep you from getting caught off-guard by daily financial tasks or overwhelmed by growth.
          READ MORE>

        • Medical
        • Patient care is your primary concern. Providing the best clinical experience for your patients continues to get more difficult and costly. Delivery models are changing from fee for service to quality based.
          READ MORE>

        • Legal
        • Running a legal firm is a balancing act with high stakes. Your reputation hinges on your ability to support clients with responsiveness and accuracy.
          READ MORE>

        • Real Estate
        • Real estate is characterized by large material gains and losses. Every transaction has the potential to impact your accounting and tax situation.
          READ MORE>

        • Technology
        • Perhaps more than any other industry, technology companies must have an infrastructure built to scale. A culture of continuous iteration requires an ability to account for a fluctuating profit margin.
          READ MORE>

        • Professional Services
        • With a consultative, integrated approach to accounting, tax and consulting services for businesses and individuals, we work hand in hand with you to achieve your goals.
          READ MORE>

        • SJG
  • CAREERS
  • CONTACT

SJG Blog

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.

Share This:

Facebook
Twitter
LinkedIn

Subscribe to Our Newsletter

Recent Posts

Scroll to Top