A Brief Summary Of Current Tax Issues – 27th December

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A Brief Summary Of Current Tax Issues – 27th December

The tax filing season for 2023 is about to begin. Individual taxpayers should begin gathering all of the information required to file their 2022 returns.

Tax Day is approaching. The deadline for filing 2022 tax returns will be here before you know it. However, you do have three extra days to complete your obligations. The normal due date of April 15 falls on a Saturday, and the following business day, Monday, April 17, is Emancipation Day in Washington, D.C., so the deadline for submitting individual returns for 2022 is Tuesday, April 18. The first quarterly payment of estimated taxes for 2023, as well as a number of other April 15 deadlines, are now due on April 18.

Taxes take unexpected turns. There will be several significant changes to 2022 returns. Notably, significant upgrades to the dependent care and child tax credits (CTC) have expired, bringing these credits back to their pre-2020 levels. Additionally, charitable contributions up to $300 ($600 for joint filers) can no longer be written off by donors who don’t itemize their deductions. Additionally, the criteria for claiming credits for electric vehicles (EVs) have changed. For more information, consult with a professional tax advisor.

Upcoming forms.  Are third-party networks like PayPal and Venmo used to pay you for self-employed work? This tax season, you may receive 1099-K forms for the first time. Before, only businesses with 200 or more transactions totaling more than $20,000 per year had to send these forms. However, new reporting regulations require forms to be generated for 2022 if commercial transactions totaled $600 or more. Prior law made business income taxable.

The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, experienced, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.


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