Taxes 2023: Everything You Need To Know for This Season

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Are you ready for Tax Day? This year, Tax Day falls on April 18, which means you now have just about two months to gather up all your necessary documents, file your paperwork and make payments on any taxes you may owe.

While the process of filing taxes may be straightforward for some people, many Americans have unique tax-filing circumstances that can make things a little tricky. What do you do if you receive payments via Venmo? Or if you trade crypto? Or if you received unemployment benefits in 2022?

GOBankingRates is answering these questions and more through our 2023 Tax Resource Center. Here’s a closer look at some of the topics that will be top of mind this tax filing season.

What’s Different for 2023?

While some tax rules remain unchanged from year to year, there are some important updates you need to know about for 2023. For starters, Tax Day falls on April 18 instead of April 15. There have also been updates to contribution limits for IRAs and 401(k) plans.

In addition, enhancements to many tax credits that were implemented during the pandemic have now expired — this applies to the child tax credit, earned income tax credit, and child and dependent care credit. Other changes involve who can take deductions for charitable contributions and eligibility for electric vehicle tax credits.

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These changes are among the reasons you could see a smaller tax refund this year.

The Basics: What Every Tax Filer Needs To Know

If you’re new to filing taxes — or if you still feel unsure about the process even if you’re a seasoned filer — a good place to start is by gathering all of the necessary documents, and then making your way through our step-by-step guide to approaching taxes in 2023.

You might also want to check out our top tips for painless tax prep and secrets from tax preparers to reduce your bill.

Special Circumstances That Could Affect Your Tax Bill

How you work, what you do and where you live can impact your tax bill this year. GOBankingRates provides tax guidance for many people with unique circumstances in 2023, including people who are paid through Venmo and PayPal, Americans who live abroad and recipients of stimulus or relief payments.

More Need-To-Know Tax Info

Didn’t see the answer to your tax question? Check out these stories for more tax help:

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