Well. It’s that time of the year again—tax season. Some new things this year include an increased standard deduction, adjusted tax brackets, and some key changes to common tax credits and deductions.
We’ll dig into all those changes, plus a few more. First, let’s kick things off with the main details you need to know for the 2023 tax season:
- Tax filing deadline: April 18, 2023, is the big tax deadline for all federal tax returns and payments.
- Extension deadline: October 16, 2023, is the deadline if you request an extension.
- Standard deduction increase: For 2022, the standard deduction increased to $12,950 for single filers and $25,900 for married couples filing jointly.
- Tax brackets increase: Income tax brackets went up in 2022 to account for inflation.
And it’s never too early to start planning for next year, so here’s what you’ll want to know for the 2024 tax season:
- Standard deduction increase: The standard deduction for 2023 (which’ll be useful when you file in 2024) increases to $13,850 for single filers and $27,700 for married couples filing jointly.
- Tax brackets increase: The income tax brackets will also increase in 2023.
File Your Taxes with Confidence in 2023! Win with taxes (and avoid costly mistakes) when you do your taxes with Wisely Advised. If you haven’t yet scheduled your 2022 tax appointment you can reach out to Chris at Chris@wiselyadvised.com or click the button below to schedule online.
Don’t delay! April 18th will be here before we know it.