What's New for 2023 —

Tax Law changes every year, We include Inflation Reduction    

Act of 2023 below for more detail for the highlight of changes in 2022. We keep track of the tax law changes to help you get your maximum tax saving, refund, and credit. It covered individual income tax, S and C corporation, partnership (LLC), and other “pass through” business entities,  gift and  estate rule update for gift returns and Estate and Trust returns. You may contact us by email to get full what is new article.

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January 29, 2024: The Internal Revenue Service announced Monday, January 29, 2024, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2023 tax year returns.

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April 15, 2024: April 15 tax filing deadline in 2024. Some states filing deadline to submit 2023 tax. By filing extension, the final return due date is October 15, 2024.

 

Deadline Tax Tip: The penalties for not filing are higher than not paying taxes. Don't miss  a filing deadline if you owe taxes, even if you can't pay your taxes on time, since the late filing penalties are generally significantly higher than the not paying taxes on time penalties. E-file and pay as little or as much as you can afford. Or file return and set up installment payment with IRS or State(s).

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Organize your tax records/ tax documents

Gather your records and use our 2023 checklist to make sure you gather all necessary information for this year. We also have several different checklists for you. Please refer to our 2023 checklist.

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Filing an accurate tax return can help taxpayers avoid delays or later IRS notices. Sometimes this means waiting to make sure individuals have accounted for all their income and the related documents. This is especially important for people who may receive one of the various Forms 1099 from banks or other payers reporting unemployment compensation, dividends, pension, annuity or retirement plan distributions.

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People should also remember that most income is taxable, including unemployment income, interest received or money earned from the gig economy or digital assets. Individuals should make sure they report the correct amount on their tax return to avoid processing delays.

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Review those documents carefully and, if any of the information shown is inaccurate, contact the payer right away for a correction. The payer will also correct information submitted to IRS for you. For example, if your W2 dose not include your SSN correct, you need to report to your employer to make the change and issue you new W2 or W2c. Your employer will also change this information to IRS for you.

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Get ready for your refund:

Combining direct deposit with electronic filing is the fastest way for you to get your refund. We are authorized E-filer from IRS. There is no additional charge when we prepare your tax return for e-filing.

 

For complete What's new pdf file for 2023, please contact our office for update. 

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