It’s tax filing season! Tips to help you file your 2022 income taxes
It’s tax filing season.
If you’re getting ready to file, try adding some of these tips to your tax preparation this season to make filing easier:
1. Important dates
The official start date of the 2023 tax filing season is Jan. 23, when the IRS will begin accepting and processing 2022 returns. The filing deadline for most taxpayers to submit their 2022 tax returns, file extensions and pay money owed is April 18. That is because the normal filing date of April 15 falls on a weekend and the District of Columbia’s Emancipation Day holiday falls on April 17. Taxpayers requesting an extension will have until Oct. 16 to file.
2. Make sure you’ve accounted for all income
For those who simply work one job, your W-2 will be all you need. If you take in income from another source, like renting a property, freelancing, or selling and reselling items, this income must also be noted in your taxes.
3. Compile all necessary documents
This includes things like income statements, donation receipts, and more.
4. Changes that may affect your tax refund
Changes in the number of dependents, employment or self-employment income and divorce, among other factors, may affect your tax-filing status and refund for 2023.
5. No additional stimulus payments
Unlike 2020 and 2021, there were no new stimulus payments for 2022 so taxpayers should not expect to get an additional payment in their 2023 tax refund. Some tax credits return to 2019 levels. This means that taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Here is information from the IRS on what is new and what to consider when filing in 2023.
6. Charitable deduction changes
No above-the-line charitable deductions. During COVID, taxpayers were able to take up to a $600 charitable donation tax deduction on their tax returns. However, for tax year 2022, taxpayers who don’t itemize and who take the standard deduction, won’t be able to deduct their charitable contributions.
7. Do your homework
Read up on the updates to the taxes to make sure you’re familiar with them and fully understand what they’ll mean as you file.
8. Consider all deductions
Carefully go through the list of possible deductions, and you may be surprised to learn that you’re eligible for ones like homeowner expenses, student loan interest, or charitable contributions.
9. Start early
Giving yourself as much time as possible to give you time to correct any mistakes, as well as peace of mind knowing your taxes are all done!
10. File your taxes electronically
This can shorten the time it takes for the government to process your return. Plus, you can have the IRS directly deposit the refund into your bank account to cut even more time! Learn more about it here.
11. Eager to receive your refund?
Know when it’s coming with certainty by tracking your refund of both your state and federal refunds online.
Direct deposit gives taxpayers access to their refund faster than a paper check. Those without a bank account can learn how to open an account at an FDIC-insured bank or through the National Credit Union Locator Tool. Veterans should see the Veterans Benefits Banking Program for access to financial services at participating banks.
Click the links below to track your refund:
12. Prepare for the future
Give your future self a hand and prepare for next year’s taxes by considering any and all missteps you experienced this year that made filing your taxes more difficult. For example, making an appointment with a personal accountant, keeping better track of important documents, and updating the amount of tax withheld from your paycheck in the upcoming year can make filing next year that much easier.
13. Digitize your documents
You probably know how helpful compiling your documents is, but digitizing them will be a real game-changer for next year. You can use a scanner or a mobile app to upload them to your computer.