When to Expect 2023 IRS Income Tax Refunds – Estimated Date Chart for Tax Refunds

ORIGINAL POST – https://www.cpapracticeadvisor.com/2022/11/02/when-to-expect-2023-irs-income-tax-refunds-estimated-date-chart-for-tax-refunds/72498/ Updated: November 2, 2022: 10:51 am ET I know it’s way too early to think about it, but in case you do, here’s our annual chart for the #1 question we get every year: “When will I get my tax refund?” The answer is never exact, but we are able to […]

There are new tax brackets and retirement contribution limits for 2023. Here’s how to use them to boost your finances

ORIGINAL POST – https://www.cpapracticeadvisor.com/2022/11/02/when-to-expect-2023-irs-income-tax-refunds-estimated-date-chart-for-tax-refunds/72498/ The IRS’s recently announced record increases to the standard deduction, tax brackets, and retirement plan contributions present opportunities for workers to save and invest more in 2023. Next year, “almost everybody [will] pay lower taxes on the same amount of income” they had this year owing to the IRS’s inflation adjustments […]

2023 Social Security Wage Cap Jumps to $160,200 for Payroll Taxes

ORIGINAL POST – https://www.shrm.org/resourcesandtools/hr-topics/compensation/pages/2023-wage-cap-rises-for-social-security-payroll-taxes.aspx This article has been updated. Starting Jan. 1, 2023, the maximum earnings subject to the Social Security payroll tax will increase by nearly 9 percent to $160,200—up from the $147,000 maximum for 2022, the Social Security Administration (SSA) announced Oct. 13. The SSA also posted a fact sheet summarizing the 2023 cost-of-living adjustments […]

Tax filers can keep more money in 2023 as IRS shifts brackets  

ORIGINAL POST – https://thehill.com/policy/finance/3694978-tax-filers-can-keep-more-money-in-2023-as-irs-shifts-brackets/ The IRS on Tuesday announced rule adjustments to account for inflation for the 2023 tax year, including shifts for tax brackets and the standard deduction. The IRS releases inflation adjustments annually, but this year’s announcement comes amid heightened economic concerns about high inflation and a potential recession. The adjustments apply to […]

Understanding Deductions: 5 Tips for Small Businesses

The good news is that small businesses qualify for an almost innumerable amount of deductions—however, knowing what exactly qualifies as a deduction can be difficult, and many small businesses miss out on many small deduction opportunities that could really add up in the end. To help small business owners better understand deductions, our accountants in […]

Be aware: These IRS tax breaks are changing for 2022 filing

ORIGINAL POST – https://www.cpapracticeadvisor.com/2022/11/02/when-to-expect-2023-irs-income-tax-refunds-estimated-date-chart-for-tax-refunds/72498/ (NEXSTAR) — There are some major changes to tax deductions for tax year 2022 (to be filed in spring 2023) as many expanded benefits of the American Rescue Plan go away. TurboTax is reminding filers to know which credits will be reverted or retired for filing, including changes to the Child Tax […]

Why You Should Trust Your Taxes to the Professionals

Andrews & Company provides a variety of services for tax preparation in Coral Springs, Florida. Has tax time been stressful for you in the past? It has for most people. The good news is: it doesn’t have to be! Most of the stress people feel from filing taxes comes from worrying about making mistakes, leaving […]