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Opening Date for 2023 Tax Filing Season
The IRS began accepting 2022 tax returns for processing on January 23, 2023. The filing deadline for 2022 returns is April 18, 2023.If you have a federal tax refund coming, you can track it by using the Where’s My Refund tool...
Read MoreFiling Your Tax Return Early Offers Many Benefits
The IRS deadline for filing 2022 tax returns is April 18, but there are multiple advantages to filing electronically as soon as possible. Early filing can protect you from tax-related identity theft, where a scammer files a fake tax...
Read MoreTaxpayers May Qualify for More Than One Filing Status
Your tax filing status may affect your tax rate, standard deduction amount, eligibility for tax credits and other factors influencing the amount of tax you owe. If you qualify for more than one filing status, it is important to review...
Read MoreStandard Mileage Rates for 2023
The IRS has updated the 2023 standard mileage rates for vehicle uses that qualify for a tax deduction. These rates apply for most passenger vehicles, including cars, vans, SUVs and pickup trucks. Here are the main mileage rates for...
Read MorePotentially Taxable Events – Did You Know?
Keeping your records organized will help make sure you don’t miss out on valuable deductions when it is time to file. Many taxpayers will receive year-end income statements from employers, banks, stock issuers and other sources...
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IRS Announces Tax Inflation Adjustments for 2023
The IRS recently published the inflation adjustments for many tax-related figures for tax year 2023. These changes include:Standard Deduction: The 2023 standard deduction for married taxpayers filing jointly will be $27,700, an...
Read MoreNew Wave of Tax-related Text Scams Warning
The IRS recently issued a warning about a dramatic increase in the number of tax-related texting scams (also called “smishing”) occurring across the U.S. The scammers typically send a text message that appears to be from...
Read MoreDeductions and Credits for Homeowners and New Home Buyers
Home ownership can provide a number of tax benefits. For example, you may generally claim a tax deduction for mortgage interest for your main home, along with eligible mortgage insurance premiums, up to the current IRS limit. However,...
Read MoreReasons to Still File Your 2021 Federal Tax Return
Some taxpayers are not required to file federal tax returns, generally because their income falls below the filing threshold. However, choosing not to file a return may mean missing out on a tax refund. Therefore, the IRS urges all...
Read MoreEducator Expense Deduction Increase
Since 2002, education professionals have been able to claim a deduction of up to $250 per year for qualified classroom expenses. For tax year 2022, the maximum deduction amount has increased for the first time, to $300. Joint return...
Read MoreGuidance on Crowdfunding and Taxes
Crowdfunding has become one of the most popular ways to raise money for charities, businesses, and people enduring hardships. Depending on a variety of circumstances, money raised through a crowdfunding campaign may be either taxable...
Read MoreNew 1099-K Form $600 Threshold FAQs
Beginning in 2022, third-party payment processors like Venmo, Zelle, PayPal and Square must file a Form 1099-K for any taxpayer who receives over $600 in gross payments for goods or services during a year. Here are answers to a few of...
Read MoreSummer Income Tax Reminder
Students and other young people who earn summer income, including gig economy and other self-employment income, should prepare now for potential federal tax obligations. As a reminder, parents and guardians cannot generally include...
Read MoreReasons Why You May Want to Adjust Your 2022 Tax Withholding
Even if you received a 2021 IRS refund, you may have to adjust your withholding this year to avoid owing tax next spring. Taxpayers who do not pay enough tax throughout the year may also be charged IRS penalties and interest fees....
Read MoreIRS Enhances "Where’s My Refund" Tool
The IRS has added a new feature to the “Where’s My Refund?” tool, available online (link below) and in the IRS2Go mobile app. Previously, you could only use the tool to check your refund status for the most recently...
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