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Come again on March 9th from 12:30 pm – 1:30 pm EST to affix the LIVE dialog within the commenting part of this text.
Tax Day is simply across the nook. Historically, Tax Day is April 15, however in 2023, taxpayers get a break because the tax submitting deadline is delayed for all particular person taxpayers till Tuesday, April 18, 2023. That’s the date most taxpayers might want to have their tax returns—or requests for extension—within the mail or electronically filed. Greater than 168 million particular person tax returns are anticipated to be filed, with the overwhelming majority coming earlier than the tax deadline.
Tax season could also be operating a lot smoother than in recent times previous, nevertheless it’s nonetheless inflicting hiccups for taxpayers. Right here’s a take a look at some points which may be inflicting confusion:
A query about cryptocurrency continues to be on the prime of Type 1040. This yr, it’s framed as digital belongings to incorporate NFTs and asks, “At any time throughout 2022,: (a) obtain (as a reward, award, or cost for property or providers); or (b) promote, trade, present, or in any other case eliminate a digital asset (or a monetary curiosity in a digital asset)?” All taxpayers should reply the query.
Some tax enhancements weren’t prolonged by 2022. That features the baby tax credit score, which was rolled again to $2,000 per qualifying baby. The kid and dependent care tax credit score additionally seems completely different—for 2022, the credit score is nonrefundable. Additionally tweaked? The minimal (25) and most (65) ages to say the EITC in 2022—these are completely different from 2021.
For those who made a change throughout the Nice Resignation to freelancing, you may not be used to the new-again Type 1099-NEC, Nonemployee Compensation. Reintroduced in 2020, it’s used to report nonemployee compensation—that’s not on Type 1099-MISC.
Taxpayers with bank card and cost app accounts anticipated to be hit with further tax kinds below new reporting necessities for Type 1099-Ok, Fee Card and Third Celebration Community Transactions, however that didn’t occur in spite of everything. The brink stays $20,000/200 transactions and never $600. The adjustments have been scheduled to enter impact for this submitting season, however the IRS introduced that 2023 would, as an alternative, be a transition yr.
There isn’t a longer an above-the-line deduction for charitable contributions—solely these taxpayers who itemize may declare the deduction in 2022.
Miscellaneous deductions which exceed 2% of your AGI have been eradicated starting in 2018, and that’s nonetheless true in 2022. Which means there’s no house workplace deduction for workers—there aren’t any Covid or work-from-home exceptions.
Questions
Nonetheless have questions? Submit yours under—we’ll reply as many as we are able to in our reside session on Thursday, March 9, 2023, starting at 12:30 p.m. ET.
Listed below are just a few fast suggestions:
- Keep centered. Our objective is to assist people reply questions associated to submitting their tax returns for the 2022 tax season. We received’t have the ability to reply questions outdoors of that scope, together with these centered on state and native taxes, or company issues.
- Be transient. We received’t have time to learn and reply to detailed questions, so please hold questions brief and to the purpose.
- Watch out. Your query might be reside on the location. Don’t publish something you wouldn’t need made public, together with personally identifiable info like your cellphone quantity or Social Safety quantity.
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