How To Prepare for Tax Season

Tax season is upon us, and with it comes a new set of rules for filing taxes. Now that you’ve had more than a month to get used to the new tax code, it’s time to start preparing your taxes for 2022. We’ve compiled everything you need to know about filing your taxes this year into one easy-to-read guide—so sit back, grab a cup of coffee, and read on!

Wealth Planning Corporation’s Top Tips for the 2023 Tax Season

The IRS wants to make sure you are prepared for the upcoming tax season and know where to file and when. The deadline for filing your federal income taxes is April 18, 2022. If you need assistance with your taxes, visit irs.gov or call 1-800-829-1040 (toll free). You can also find answers on IRS social media pages, including Facebook and Twitter (@IRSnewsroom). Tax professionals can help you prepare your return by using e-file software or other online services that offer guidance on how much money you should put aside throughout the year so that it’s available when it comes time to pay Uncle Sam in April. Wealth Planning Corporation supports its clients throughout the year so that when it comes to tax preparation, everyone feels informed and ready to go. 

Forms to Look For:

  • W-2s – Your employer has until 1/31 to send your wages/earnings summary statement
    • If you don’t receive a W-2 and believe you should: You can request a copy of your W2 online at irs.gov or by calling 1-800-829-1040.
  • 1099s or 1098s – All financial institutions must have interest and dividend statements postmarked by 1/31
    • Open your mail: Err on the side of opening all your mail this month! Filing information may not clearly be marked as such from the outside. Be sure you open and save in your tax file, as this will make filing easier.

Dates to Remember:

  • April 18th – Filing Deadline for most
  • May 15th – California storm victims extended deadline
  • April 18th – Final day to contribute to your IRA or Roth IRA for 2022 contributions
  • June 15th, Sept. 15th and Jan 16th, 2024 – Estimated Tax Payments for 2023 taxpayers

Standard Deductions to Know:

  • $25,900 for joint returns
  • $12,950 for single individuals and married people filing separately
  • $19,400 for heads of household

Updates to Understand:

  • Refunds for many will be smaller because tax credits will return to 2019 levels
  • The Child Tax Credit and Child/Dependent Care Credit will be lower, reverting to the pre-pandemic $2,000 per-child credit. 
  • Also, above-the-line charitable donations have gone away. Unlike in 2020 and 2021, there are no additional opportunities to deduct charitable cash contributions for 2022.

There can be a lot of variables when it comes to filing your taxes, but we want you to know that Wealth Planning Corporation is here for you! If there is anything else we can help with, please reach out to us via email or give us a call. 

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