Tax Prep for the 2023 Tax Season

The start of a new year has everyone scrambling to prepare for the 2023 tax season. You can get a head start on the tax season by reading the following sections. We’ll outline important changes to filing 2023 taxes and vital updates you must be aware of. Keep reading for more details!

Important Dates for The 2023 Tax Season

Here are the critical dates listed by the IRS that taxpayers should remember for the 2023 tax season:

January 3, 2023

This is the first day that you can file 2022 taxes. The IRS will not process submissions until a later date.

January 17, 2023

This is the final day you can pay estimated quarterly taxes for 2022. 

January 23, 2023

The IRS website is live for electronic return processing for the 2023 tax season. The IRS recommends using electronic filing for faster returns. Paper returns will start processing in February.

February 1, 2023

All employees should have a W-2 from their employers by February 1. Contractors should also have received 1099s by this date. If you have not received these documents by mail or electronically on this date, you need to contact the company’s HR department or the company you contracted for. 

Some people also receive 1099s for dividends, interest, and retirement plan distributions. This date is the deadline for those, too.

February 17, 2023

Filers who claimed ACTC or EITC credits for the 2023 tax season can expect their refunds to be released. Refunds will start to be sent and are expected to hit bank accounts within 8-10 days. This is due to the PATH Act and the requirement that the IRS holds refunds for these credits until this date. 

March 15, 2023

People filing S Corporation or partnership tax returns must complete them by this date. 

April 18, 2023

This is the last day you can file 2022 taxes. The normal filing date, April 15, falls on a weekend date. April 18, 2023, is the last day you can request an extension. If you are making contributions to an HRA, traditional or Roth IRA, or SEP-IRAs, today is the last day to do so. 

Taxpayers who have over $10,000 in signature authority for foreign bank accounts must file the appropriate documents by this date.

June 15, 2023

US citizens and resident aliens living abroad must file 2022 taxes by this date. Or they can file for an extension until October.

October 18, 2023

Approved extensions will be due October 18, 2023. You must file and get approval for an extension before the April 18 due date.

Steps You Can Take to Make the 2023 Tax Season Easier

Gathering the necessary information to file 2023 taxes can seem overwhelming. But it doesn’t have to be if you follow these tips: 

  • Collect all data and documents needed (socials, W-2s, 1099s, health insurance forms)
  • Check the website regularly for the most up-to-date announcements
  • Create an IRS account to check personal tax information
  • Avoid a big tax bill by paying estimated taxes by January 17, 2023
  • Decide how you would like to receive your refund (ACH or prepaid card)

When you are ready, file your return with us for a fast refund! Choose direct deposit for the quickest results

Critical Changes to the 2023 Tax Season

There have been quite a few changes to the tax law for the 2023 tax season. Read more about each below:

The standard deduction has changed for the 2023 tax season due to cost of living adjustments. The following are the new deduction amounts: 

  • Single: $12,950
  • Head of Household: $19,400
  • Married Filing Jointly: $25,900

The mileage rates are divided into two time frames, January to June 2022 and July to December 2022. The rates are as follows: 

  • Medical rate from January to June 2022 is 18 cents per mile
  • Business rate from January to June 2022 is 58.5 cents per mile
  • Medical rate from July to December 2022 is 22 cents per mile
  • Business rate from July to December 2022 is 62.5 cents per mile

The rate for charitable mileage remains 14 cents per mile.

401K and IRA contribution amounts also increased for the 2023 tax season. The new amounts are: 

  • $20,500 maximum for people under 50 years of age and $2,700 for people over the age of 50 for 401K contributions
  • IRA contributions increased to $6,000 for those under 50 and $7,000 for those over 50
  • Simple contributions increased to $14,000 for those under 50 and $17,000 for those over 50

The child tax credit is reducing for the 2023 tax season. It is going back to the pre-2021 rate of $2,000 per child under 17 years of age. The maximum refundable portion of this credit is $1,500.

Social security payback for those under the full retirement age is $19,560. The cost of living for social security benefits increased by 5.9%. 

Dependent care benefits are also reduced for the 2023 tax season. It is $3,000 per qualifying dependent and is non-refundable. It is based on adjusted gross income and falls between 20% and 35%. 

To qualify for the earned income tax credit as a single taxpayer, they must not be a dependent or have any dependents. They must now be between the ages of 25 and 65 (previously, it was 19-65) with income below $16,480. 

The tax law no longer forgives the amount of the premium credit for health insurance that must be repaid. You must make adjustments to your income throughout the year to reflect the correct premium credit, so you do not have to repay a portion of it. 

Prepare for the 2023 Tax Season 

You want to be as prepared as possible when you file 2022 taxes this year. This makes the process run smoothly. Here are a few tips: 

Check Your Withholdings 

If you generally owe money for taxes, it might be a good time to check your withholding information. This can save you a lot of money in the long run. If you have any major life changes, such as the birth of a child or a second job, it is also a good idea to assess and change your withholding. 

Not sure how to determine your withholding? Check out the IRS’s tax withholding estimator to help guide your decision. 

Collect Your Documents 

There are a lot of documents you need to file 2022 taxes. It’s best to collect them and organize them as you receive them, so they are not lost. If you receive electronic documents, we recommend you print them and save them on your computer. 

It’s vital you wait to file the 2022 taxes until you have all the required documents. These include: 

  • W-2s from your employer(s)
  • 1099 documents from banks, distributions, dividends, or unemployment payments
  • 1099-K or 1099-MISC for self-employed or gig workers 
  • 1099-INT for interest payments 
  • Health insurance and premium documents 
  • Other tax documents, such as student loan documents or non-taxable benefits

Work With a Tax Professional

Do you want to relieve the stress of worrying about the 2023 tax season? Working with RWB Tax Services will give you the peace of mind you need. 

With more than 50 years of combined experience, our tax professionals have helped clients for more than 13 years. We’ve helped clients receive the largest tax returns possible across Georgia. 

You can trust us to complete your taxes within the deadlines and with 100% accuracy. Our prices are reasonable. We can help you avoid costly mistakes and prevent penalties in the thousands of dollars in Georgia. Call us today to set up an appointment to discuss the 2023 tax season at 770-459-9980. Or you can contact us with this form.

Important Information About IRS Processing Times 

The IRS is incredibly busy during tax season. In 2021, they processed more than 261 billion tax returns and collected more than $4.1T in taxes. With numbers like these, you can see why patience is important when waiting for your refund. 

You may be tempted to call the IRS to receive an update, but we encourage you to check your status online or connect with us, and we can get you an update. Millions of people contacting the IRS make processing times even longer. 

Most refunds are processed and submitted to taxpayers within 21 days when filing electronically and choosing direct deposit as your payment option. Taxpayers filing by mail or selecting another payment method can expect longer wait times. 

The IRS is required by law to hold refunds for the earned income tax credit and the additional child tax credit until mid-February. This is under the PATH Act to prevent fraudulent returns. Taxpayers claiming these credits can still file electronically starting in mid-January. 

Some returns require manual processing, which delays when returns are delivered. This could be due to a system alert, incorrect information, or missing information. To avoid these kinds of delays, you can work with a professional (like RWB Tax Services) to ensure you file 2022 taxes correctly! 

What Our Clients Have to Say…

RWB Tax Services
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Dorinne Andrusyna
Dorinne Andrusyna
16:17 09 Oct 20
We moved to Carrollton from NYC in 2016. Found RWB through business contact, so glad we did. Donna Clark is... intelligent, honest and humble. We have been working with her for 4 years. She not only does our taxes but assist with other accounting needs. A great team to have on your more
Jessica Richardson
Jessica Richardson
19:59 10 Jun 20
I love Donna and Gerald! They do an excellent job with taxes and bookkeeping. I especially recommend them if you have a... small to medium businessread more
Kristy Mcgarva
Kristy Mcgarva
20:31 10 Mar 20
Friendly, professional service at a good price.
Brenda Kirk
Brenda Kirk
20:46 23 Oct 19
These guys are the best. They have really been very helpful and educational. I recommend them for business and personal.
karen Boyer
karen Boyer
04:35 24 Sep 19
Donna has done my taxes for 5 or 6 years and I couldn't be more pleased. Even after I moved out of state, I send my... information to her and she completes them almost as quickly as if I had gone to her office. She is accurate, professional, friendly, honest and very more
Skid G
Skid G
14:33 23 Sep 19
High integrity, knowledgeable, and friendly are just a few of the things I would point out about RWB. Donna and staff... will exceed your expectations. It does not matter if you have the most basic tax return or complicated accounting needs they can handle it without blinking an eye. Go see these folks, you will be glad you did!read more
A Google User
A Google User
00:54 23 Sep 19
RWB is the kind if business I feel lucky to be in business with. They continuously make me money. Once a year I barrage... them with a convoluted package of tax documents and a few days later they tell me i have a hefty refund en route. Their fees are so reasonable and affordable I hate to think of all the money that I lost before I finding them. Once again, I feel blessed that they are on my more
Aaron Alberts
Aaron Alberts
00:52 23 Sep 19
RWB is the kind if business I feel lucky to be in business with. They continuously make me money. Once a year I barrage... them with a convoluted package of tax documents and a few days later they tell me i have a hefty refund en route. Their fees are so reasonable and affordable I hate to think of all the money that I lost before I finding them. Once again, I feel blessed that they are on my more
Donna Hampton
Donna Hampton
21:13 22 Sep 19
The staff has been very helpful personally and professionally. We had challenges with both and they patiently walked us... through each challenge. I highly recommend Donna Clark or anyone in the office!read more
Jessica Richardson
Jessica Richardson
15:43 27 Aug 19
The staff at this family-owned tax business is wonderful and gives amazing customer service. They met with me one on... one. I felt they went way out of their way to make me at home. I would highly recommend working with them for taxes, bookkeeping, and more
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