Tax season is in full swing. Here are some important things to know about 2023.
Deadlines to know
The tax filing deadline is April 18, 2023.
The extension deadline is Oct. 16, 2023.
Standard deduction increases
For 2022, the standard deduction increased to $12,950 for single filers and $25,900 for married couples filing jointly.
Tax bracket changes
Income tax brackets increased across the board for 2022 to account for inflation. Visit IRS.gov to ensure you’re filing correctly.
Sell loser stocks to offset capital gains
Selling stocks or assets that have lost value during the year enables you to deduct the loss from any capital gains you’ve made and only pay taxes on the difference.
Maximize your retirement contributions
The deduction limit for 401(k) contributions for 2022 is $20,500, or $27,000 if you’re over the age of 50.
The maximum tax deductible contributions for IRAs is $6,000, or $7,000 if you’re over the age of 50.
Ready to start your taxes?
Get discounts on TurboTax and H&R Block through Love My Credit Union Rewards, click here.
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