5 May, 2022
2023 Tax Returns: Key Things to Know (as of December 18, 2023)
General
- Deadline:** April 15, 2024
- Smaller refunds:** Expect less due to changes in credits and deductions, like Advanced Child Tax Credit ending and no increase in standard deduction.
- Free e-filing:** File for free if your AGI is $73,000 or less through the IRS Free File program. Other affordable options exist.
- Extended deadline:** File by October 16, 2024 if affected by certain natural disasters.
Credits and Deductions
- Compare before itemizing:** High standard deduction might make itemizing unnecessary.
- Child tax credit:** Claim the full amount on your return, no more advance payments.
- Education credits and deductions:** Review changes and limitations before claiming.
- Charitable donations:** Only benefit from deductions if you itemize.
- Clean vehicle credit:** Claim it for eligible vehicles purchased in 2023 (limited availability).
Other Changes
- Form 1099-K delay:** Reporting threshold for third-party payment networks postponed, might apply in 2024.
- Minimum wage increase:** Affecting some states, could impact earnings and tax liability.
- Unchanged tax brackets:** Same brackets as 2022.
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3 May, 2022Terry Brewer
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Donna Benoit
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