CPA Mobile Tax Services

Getting Ready To File Your Taxes For 2023

KEY INFORMATION YOU NED TO KNOW.  STEPS AND TIPS

Standard deduction;

$13,850 for single and married filing separately filers, $20,800 for heads of households and $27,700 for joint filers and surviving spouses.  Add an additional $1,500 if you’re over 65 or blind ($1,850 if single or head of household filing status). These are small increases from last year.

Energy credits;

 

 – Cryptocurrency; virtual currency transactions are becoming more common, and the terminology is ever-evolving.  The sale or exchange of virtual currencies, the use of such currencies to pay for goods or services, or receipt of virtual currency in exchange for goods/services generally has tax consequences.

The question on the Form 1040 is now: “At any time during 2023, did you (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”

More information is available at the following link. Cryptocurrency FAQ

Getting organized;

Now is the time to review your tax withholdings year-to-date.  There is still time to make adjustments.  In addition, most company-based retirement pans allow for lump sum contributions, as long as they are made on or before year-end.

Here is a listing of suggestions from the IRS. Tax filing checklist

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