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?
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.
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.
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:
- How Long Will It Take To Get Your Tax Refund?
- 10 Things That You Didn’t Know Were Tax Deductions
- Do I Have To File Taxes? 3 Times You Can Skip It
- Do You Have To Pay Taxes on Your Retirement Income? It Depends
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