M&K Tax Service

Steps to Take Now to Get a Jump on Next Year’s Taxes | Internal Revenue Service Get ready to file your taxes. See tips that can make filing taxes easier next year. Learn about tax law changes, how to view your tax account information online, and ways to get help.

The IRS tax deadline for 2023 is going to be Tuesday, April 18. Filing will open long before then, though, most likely on January 23, 2023, for online filers.

When can I start filing taxes for 2023?

The first day to file your taxes is January 3, 2023. However, if you do it that early, the IRS won't accept or process them. You also likely won't have all the forms you need to complete your tax return yet, including your W-2 or 1099s for interest payments.

Federal law requires all employers to send employees W-2 statements no matter how low earnings or wages are. These W-2 statements can be sent in either paper or digital form, and must be received by employees no later than January 31 of the following year. Employers must also file a copy of employee W-2s with the IRS.

What is the best thing to do with your tax return?

1. Start or Increase Your Emergency Fund.
2. Pay Off High-Interest Debt.
3. Spend It On Something You Need.
4. Start Itemized Savings Accounts.
4. Refinance Your Mortgage or Make Home Improvements.
5. Invest In a Tax-Sheltered Account.
6. Invest In a Taxable Account.
7. Donate to Charitable Causes.

Please Read.

Refund Delays

A law change now requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC)
until Feb. 15, 2019

Under this change required by the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund. Even the portion not associated with the EITC and ACTC. Even though the IRS will begin releasing EITC and ACTC refunds on Feb. 15, many early filers will still not have actual access to their refunds until the week of Feb. 27.

The additional delay is due to several factors, including weekends, the Presidents Day holiday and the time banks often need to process direct deposits.

Refund Advance!

Skip the wait with a refund advance you could get up to $1,000 in as little as 24 hours.

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces your tax to less than zero, you may get a refund.

There are two education credits available: American Opportunity Tax Credit and the Lifetime Learning Credit. Which one do you qualify for?

Happy New Year!

I know you want to file your tax return already. Apparently you’re one of the lucky folks getting a refund this year. And I know you want your money. Here’s some great news! You should have received your W2’s and 1099 forms TODAY!