It’s never too early to start thinking about taxes. Yes, we know, this is your favorite subject. But April will be here before you know it. So with that in mind, here’s everything you need to know about filing your taxes in 2023.
Tax Documents Needed
The first item of business, get all your documents in order. Once that’s completed, you can start filing. Here’s a breakdown of the forms you’ll need. (Keep in mind, some forms may not apply to you.)
W-2, from your employer. If you had multiple employers in 2022, you’ll need a W-2 from each.
1099s, from your bank or credit union.
1099-K or 1099-MISC, if you received income working a gig or side hustle.
1099-INT, if you were paid interest.
Update Your Personal Information
If you haven’t already, head to the IRS' website and create a profile. If you already have a profile set up, log in to verify all your information is correct and up to date. If the IRS doesn’t have your correct information on file, your refund could be delayed.
Tax Credit Changes
Tax credits are returning to 2019 levels, so you can expect your refund to be smaller than last year. According to the IRS, if you received $3,600 per child in 2021, you’ll get $2,000 for 2022. As for the earned income tax credit, if you don’t have kids and received $1,500 in 2021, you’ll get $500 for the 2022 tax season.
This article by Chris O'Shea originally appeared on SavvyMoney blog(Opens in a new Window), and is used by permission.