It’s tax season!

I would be pleased to assist you in preparing your personal and corporate tax returns. The IRS will begin accepting 2022 returns for e-filing on January 23, 2023. The corporate filing deadline is March 15, 2023, and the personal return filing deadline is April 18, 2023.

One significant tax law change affecting your 2022 tax return concerns the Child Tax Credit (CTC). The increased credit amount we saw for 2021 returns was not renewed. The credit will revert to $2000 per qualifying child under 17.

If you used the Marketplace to obtain health insurance in 2022, you must file a tax return. Form 1095-A is required to calculate your premium tax credit. Information about income for every person on the return is also required to complete the return, even teens with part-time jobs.

Form 1098-T (tuition paid) is needed to apply for education credits. Florida Prepaid and other qualified education programs will issue a Form 1099-Q. Please document your deductions, such as expenses for tuition, fees, books, and supplies.

The IRS requires disclosure if you acquired or sold any cryptocurrency or nonfungible tokens in 2022.

A copy of a driver’s license or state identification card for the taxpayer (and spouse) is required for federal and state e-filing.

Unfortunately, identity theft is still commonplace. Official IRS contact will always be by mail. The IRS will not call or email.  If you received an Identity Protection PIN, the number is required to e-file your return. A new PIN is assigned each year.

The electronic matching procedures that the IRS has implemented compare information reported on a taxpayer’s return to the information sent to the IRS. Please save and bring in all tax documents, even if they seem insignificant.

We look forward to working with you!

Sincerely,

Robyn P. Sekula & Rebecca Baggett