I hope you and your family are staying healthy and well.  I wanted to share some important tax updates and resources for you to be aware of for this 2022 income tax year. 

Filing and Refunds

The earliest date taxpayers can file this year will be January 23, 2023. Tax filers are encouraged to file their taxes both electronically and as soon as possible to avoid delays. The IRS offers a wide range of electronic tools to assist all individuals with filing easily and on time. You can follow these quick steps to jump start your filing: 

• Gather your tax records, and;
• Check that your Individual Tax Identification Number (ITIN) has not expired.

For more information on how to easily file your taxes this year, and how to get ahead this season, click here to be directed to more steps and new resources for the 2023 tax season. 

Child Tax Credit

You can claim the Child Tax Credit by entering your children and other dependents on Form 1040, U.S. Individual Income Tax Return, and attaching a completed Schedule 8812, Credits for Qualifying Children and Other Dependents.

IRS Free File and Other Filing Resources

Filing your taxes can be a confusing process, but the IRS has online resources available to help taxpayers with questions and electronic filing assistance. 

Remember tax filing season begins January 23, 2023, and the IRS Free File web tool is up and running to help you get ahead of the filing season. Visit the IRS website here to be directed to free services and other helpful checklists and FAQs. 

The IRS Free File Program is available to tax filers who earned $72,000 or less in 2022. The software calculates and finds deductions, credits and exemptions for taxpayers.

Other IRS resources include:

• Locate a Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) program near you,
• Find a professional tax preparer near you,
• And use the IRS’s Interactive Tax Assistant

Visit the IRS’s website here for more helpful checklists and FAQs. 

IRS Tax Tips

While tax filing can be a difficult process, there are many helpful resources available through the IRS website at www.irs.gov and I encourage you to review their latest tax tips at https://www.irs.gov/newsroom/irs-tax-tips . My office and staff are here to assist with your questions and offer additional resources throughout this income tax filing season.  Please don’t hesitate to reach out to us.

Stay up to date on any upcoming tax news by following #SchweikertTaxTips on Twitter!