As a taxpayer, it is important to stay up-to-date on any changes or updates regarding tax laws and regulations. Here are some things taxpayers should know about paying their 2022 taxes:
New tax rates and income brackets: Tax rates and income brackets are adjusted for inflation each year. For tax year 2022, the income brackets have been adjusted slightly higher to reflect inflation. The new tax rates for 2022 range from 10% to 37%.
Standard deduction: The standard deduction for tax year 2022 has increased slightly to $12,950 for single filers and $25,900 for married couples filing jointly. Taxpayers can choose to either take the standard deduction or itemize their deductions.
Child tax credit: The child tax credit has been expanded for tax year 2022. The maximum credit amount has been increased to $3,000 per child for children between the ages of 6 and 17 and $3,600 per child for children under the age of 6.
Retirement contributions: The contribution limits for retirement accounts have been increased slightly for tax year 2022. The contribution limit for 401(k) plans has increased to $20,500 and the contribution limit for IRAs has increased to $6,000.
Tax filing deadline: The tax filing deadline for tax year 2022 is April 18, 2023. However, taxpayers who need more time to file can request an extension until October 16, 2023. It's important to note that an extension only gives taxpayers more time to file their return, not to pay any taxes owed.
Estimated tax payments: Taxpayers who are self-employed or who receive income that is not subject to withholding (such as rental income or investment income) may be required to make estimated tax payments throughout the year. The deadlines for estimated tax payments are April 15, June 15, September 15, and January 15 of the following year.
Tax refunds: Taxpayers can expect to receive their tax refunds within 21 days of filing their return electronically. However, refunds may be delayed for taxpayers who file paper returns or who have certain types of refundable credits.
Payment options: Taxpayers who owe taxes can choose from several payment options, including paying online, by phone, by mail, or through a payment plan. It's important to pay taxes owed by the tax filing deadline to avoid penalties and interest.
Tax scams: Taxpayers should be aware of tax scams, which are prevalent during tax season. Scammers may impersonate the IRS and attempt to steal personal and financial information. The IRS will never contact taxpayers by phone, email, or social media to request personal or financial information.
In summary, taxpayers should be aware of new tax rates, the standard deduction, child tax credit, retirement contributions, tax filing deadline, estimated tax payments, tax refunds, payment options, and tax scams for tax year 2022. Consulting with a tax professional can help taxpayers navigate these tax regulations and ensure compliance with tax laws.
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