Be Tax Ready – understanding tax reform changes affecting individuals and families
What's New for 2022 —
Tax Law changes every year, We include Inflation Reduction
Act of 2022 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.
January 23, 2023: The Internal Revenue Service announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.
April 18, 2023: April 18 tax filing deadline in 2023. Some states filing deadline to submit 2022 tax ,au change due o disasters.
For California, the declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after January 8, 2023, and before May 15, 2023, are granted additional time to file through May 15, 2023. As a result, affected individuals and businesses will have until May 15 to file returns and pay any taxes that were originally due during this period.
The filing deadline to submit 2022 tax was changed because of winter storms, flooding, and mudslides in California.
Following the disaster declaration issued by the Federal Emergency Management Agency, individuals and households affected by severe winter storms, flooding, and mudslides that reside or have a business in Alameda, Colusa, Contra Costa, El Dorado, Fresno, Glenn, Humboldt, Kings, Lake, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Mono, Monterey, Napa, Orange, Placer, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Solano, Sonoma, Stanislaus, Sutter, Tehama, Tulare, Ventura, Yolo, and Yuba counties qualify for tax relief.
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).
Organize your tax records/ tax documents
Gather your records and use our 2022 checklist to make sure you gather all necessary information for this year. We also have several different checklists for you. Please refer to our 2022 checklist.
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.
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.
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.
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 2022, please contact our office for update.