IRS tax changes for 2023

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The Internal Revenue Service will begin accepting and processing tax returns for 2022 today for the start of the 2023 tax season. Many preparers urge taxpayers to gather all necessary information before filing a return.

“Now the W-2 form should be coming more than likely by the end of the month. Get in on time so that you can file and not have everything backed up on everybody else. And the most important thing is having it all banked by the end of the year. I say that because of everything that’s been delayed since COVID, there isn’t really a lot of IRS agents. So when you do make phone calls to ask certain questions, the time lag between it is so long and more than likely you’re going to get cut off anyway,” says George Haddad, Income Tax and Consultant’s LLC President.

There is also a bevy of changes being made by the IRS this year in terms of credits, what can folks expect?

“If you’re filing a partnership return or any kind of a pass through entity like an 1120, there is a new K1 and K2 reporting requirements that you have to get out for the individual and for the new tax law changes that have come to you. The clean air vehicles is increased in the premium tax credit that individuals may apply for this year as well. The Earned Income Tax Credit has changed the credit for child independent care, and those have changed for the individuals,” continues Haddad.

In addition, Haddad mentions to electronically file, that way you can have your refund direct deposited into your account fastest. So what is the best advice for filing taxes this year?

“Be prepared. Everybody’s situation is different,” finishes Haddad.