WASHINGTON (DC News Now) — Every year, tax season can be a little tricky to navigate, especially if you tend to navigate it on your own. Cory W. Johnson, a certified public accountant here in the DMV, provided some guidance as people get ready to file taxes in 2023.
The value of hiring a CPA isn’t so much in the cost, but in the peace of mind that you should get, knowing you have unlimited access to a trusted professional to help you make sound financial decisions.
The first day you can e-file is Monday, Jan. 23. This year, Tax Day (when it comes to federal income tax filing) is Tuesday, April 18. Remember, that day is the day to file in order to avoid penalties and interest. It also is the deadline to request an extension, but you have to file something by that date!
As far as some of the trickiness in 2023, Johnson said people should be aware that COVID-19 tax laws were temporary:
- The Child Tax Credit (CTC) returns to $2,000 for each child who is 16 or younger, although there are income limits that govern who can claim the credit.
- Child and Dependent Care Credit and Earned Income Credit return to pre-COVID levels
- There is no charitable contribution of $300 with the standard deduction.
- There is no Recovery Rebate Credit.
Johnson said those changes and others will result in higher taxes and lower refunds.
To get yourself ready to file your tax return, Johnson said to review your return for the previous year (in this case, the one you filed for 2021). Gather all your 2022 tax documents, then contact a CPA to get your tax return completed.