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Tax Time

February 24, 2023

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It’s time to start thinking about taxes.

It’s never too early to start thinking about taxes. Yes, we know, this is your favorite subject. But April will be here before you know it. So with that in mind, here’s everything you need to know about filing your taxes in 2023.


Tax Documents Needed

The first item of business, get all your documents in order. Once that’s completed, you can start filing. Here’s a breakdown of the forms you’ll need. (Keep in mind, some forms may not apply to you.)

  • W-2, from your employer. If you had multiple employers in 2022, you’ll need a W-2 from each.

  • 1099s, from your bank or credit union.

  • 1099-K or 1099-MISC, if you received income working a gig or side hustle.

  • 1099-INT, if you were paid interest.


Update Your Personal Information

If you haven’t already, head to the IRS site and create a profile. If you already have a profile set up, log in to verify all your information is correct and up to date. If the IRS doesn’t have your correct information on file, your refund could be delayed.


Tax Credit Changes

Tax credits are returning to 2019 levels, so you can expect your refund to be smaller than last year. According to the IRS, if you received $3,600 per child in 2021, you’ll get $2,000 for 2022. As for the earned income tax credit, if you don’t have kids and received $1,500 in 2021, you’ll get $500 for the 2022 tax season.

 

 

This article was originally posted on savvymoney.com 

 

The material provided on this page is for informational use only and is not intended for financial, tax or investment advice. VisionBank, PurposeBank and/or its affiliates assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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