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Come again on March 9th from 12:30 pm – 1:30 pm EST to hitch 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 working a lot smoother than lately previous, however it’s nonetheless inflicting hiccups for taxpayers. Right here’s a take a look at some points that could be inflicting confusion:
A query about cryptocurrency continues to be on the high of Type 1040. This yr, it’s framed as digital property to incorporate NFTs and asks, “At any time throughout 2022,: (a) obtain (as a reward, award, or cost for property or companies); or (b) promote, change, reward, 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 way of 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 totally different—for 2022, the credit score is nonrefundable. Additionally tweaked? The minimal (25) and most (65) ages to assert the EITC in 2022—these are totally different from 2021.
If you happen to made a change in the course of 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 extra tax types below new reporting necessities for Type 1099-Ok, Fee Card and Third Celebration Community Transactions, however that didn’t occur in any case. The edge stays $20,000/200 transactions and never $600. The modifications 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 is no such thing as 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. Meaning there’s no dwelling workplace deduction for workers—there are not 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 dwell session on Thursday, March 9, 2023, starting at 12:30 p.m. ET.
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Your point of view caught my eye and was very interesting. Thanks. I have a question for you.