Preparing for tax day

Use these tips to help you prepare for your appointment

What should you do to prepare for your appointment?

Tax documents to upload to the client portal:

Any and all W2s, 1098s, 1099, 8606 and 1095s and other statements of income
Payment receipts for any estimated tax payments made for FY2022
1099-G if you received unemployment benefits in 2022
Business expense records if self employed
Rental property information – rents, expenses, statements, purchase/sales closing documents
Charitable donation statements (tallies of long lists always appreciated!)
Health coverage payments and/or 1095 for self employed
Medical expenses
Retirement contribution information
Investment account statements if a distribution was received. If no distribution received, only for Traditional or Roth IRAs
Images of front and back of current driver’s license or state ID
Prior year return (new clients only)
Updated address information if you have moved in the last year
Updated dependent information if anything has changed since last year
Home office deductions for Schedule C filers
Contributions to College Savings Plans, HSAs, etc.
Word document with any outstanding questions and notes, bank information, and tax agency login information

Links to create tax agency logins:

IRS: https://www.irs.gov/payments/your-online-account

Illinois: https://mytax.illinois.gov/_/

Request a Letter ID: https://mytax.illinois.gov/_/#0

LLC/SCorp clients:

Revenue and expense statements – P&L, Balance Sheet, access to online books if we don’t already have them. If you do not have a P&L and Balance Sheet, please include a .csv download of your 2022 transactions from your bank.
Bank Statements
Estimated tax payment receipts
Updates to ownership, if any
Home office deduction requirements
How to calculate: need to know the square footage of the office/square footage of the entire residence, and expenses tallied for utilities (internet, phone, rent/mortgage) as a percentage will be claimed
We may also want to login to state agencies for business, especially in CA, so we’ll work with you to get set up with those agencies so we can get access and confirm proper filings
Receipts – Spreadsheet tallies are appreciated.

Download our income-expense tracking template!

(Use our handy IRS document search tool for your documents)

How can I check on my tax refunds? Tax Related Web-sites/phone numbers: IRS www.irs.gov IRS Get Refund Status IRS Inquiry Phone: (800) 829-1040

Current Tax rates

Current rates information provided by IRS

2023 Tax Brackets

Income Tax Brackets and Rates

The 2023 income ceiling for all listed tax brackets and for all filers, adjusted for inflation are listed below. The Seven federal income tax rates for 2023 are… 10% – 12% – 22% – 24% – 32% – 35% – 37% The marginal income tax rate of 37% will apply to taxpayers with taxable income above $539,900 (single filers), and $693,750 is the target for married couples filing jointly…(SEE Table 1)

All income ranges for each rate have been adjusted for inflation.

Table 1. Tax Brackets and Rates, 2023 (Source: IRS)

Rate

Single Individuals – Taxable Income Over

Married Individuals Filing Joint Returns – Taxable Income Over

Heads of Households – Taxable Income Over

10%

Up to $11,000

Up to $22,000

Up to $15,700

12%

$11,000 to $44,725

$22,000 to $89,450

$15,700 to $59,850

22%

$44,725 to $95,375

$89,450 to $190,750

$59,850 to $95,350

24%

$95,375 to $182,100

$190,750 to $364,200

$95,350 to $182,100

32%

$182,100 to $231,250

$364,200 to $462,500

$182,100 to $231,250

35%

$231,250 to $578,125

$462,500 to $693,750

$231,250 to $578,100

37%

At or above $578,125

At or above $693,750

At or above $578,100

Standard Deduction and Personal Exemption

2023 has standard deductions for single filers increasing by $900; $1800 for married couples filing jointly. Personal exemptions for 2023 remains at ZERO (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017)

Table 2. 2021 Standard Deduction and Personal Exemption (Source: IRS)


Filing Status	Deduction Amount
Single	$13,850
Married Filing Jointly	$27,700
Head of Household	$20,800

2022 Tax Brackets

Income Tax Brackets and Rates

2022 income limits for all tax brackets and all filers, adjusted for inflation. Seven federal income tax rates in 2022 are as follows: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The marginal income tax rate of 37 percent will only apply to taxpayers with taxable income above $539,900 (single filers), and $647,850 is the target for married couples filing jointly. (SEE Table 1)

Table 1. Tax Brackets and Rates, 2022 (Source: IRS)

Rate

Single Individuals – Taxable Income Over

Married Individuals Filing Joint Returns – Taxable Income Over

Heads of Households – Taxable Income Over

10%

Up to $10,275

Up to $20,550

Up to $14,650

12%

$10,275 to $41,775

$20,550 to $83,550

$14,650 to $55,900

22%

$41,775 to $89,075

$83,550 to $178,150

$55,900 to $89,050

24%

$89,075 to $170,050

$178,150 to $340,100

$89,050 to $170,050

32%

$170,050 to $215,950

$340,100 to $431,900

$170,050 to $215,950

35%

$215,950 to $539,900

$431,900 to $647,850

$215,950 to $539,900

37%

Over $539,900

Over $647,850

Over 539,900

Standard Deduction and Personal Exemption

Standard deductions for single filers has increased by $400; $800 for married couples filing jointly. The personal exemption for 2022 remains eliminated (this is due to the personal exemption from the Tax Cuts and Jobs Act 2017.)

Table 2. 2022 Standard Deduction and Personal Exemption (Source: IRS)


Filing Status	Deduction Amount
Single	$12,950
Married Filing Jointly	$25,900
Head of Household	$19,400

Tax Tools & Financial Calculators

All tools provided by CalcXML and the IRS

Track FEDERAL Refunds

Search IRS Publications

Coronavirus information

Amended FEDERAL Refunds

Find IRS Tax Forms Using IRS.Gov

Choose your State to check on your Refund

Important Tax Dates for 2023

IRS official tax dates you need to stay on top of your taxes.

FILING DATES

2023 E-filing Dates

Jan 23 – IRS begins accepting and processing e-filed returns and extensions
April 18 – Tax Day – Last day to e-file returns and extensions
October 18 – Last day to e-file returns with a 6-month extension

2023 Estimated Tax Payment Dates

January 17 – Make last 2022 estimated tax payment
April 18 – First 2023 estimated tax payment due
June 15 – Second 2023 estimated tax payment due
September 15 – Third 2023 estimated tax payment due

Tax Document Dates

January 31, 2023 – Deadline for employers to file Form W-2s with the IRS, unless filed electronically for 2022 forms
January 31, 2023 – Deadline for reporting payments to contract workers on Form 1099-MISC for 2022

2023 Federal Legal Holidays

Monday, January 2 – New Year’s Day (observed)
Monday, January 16 – Martin Luther King Jr.’s Birthday
Monday, February 20 – President’s Day
Monday, May 29 – Memorial Day
Monday, June 19 – Juneteenth National Independence Day
Tuesday, July 4 – Independence Day
Monday, September 4 – Labor Day
Monday, October 9 – Columbus Day
Friday, November 10 – Veterans’ Day
Thursday, November 23 – Thanksgiving Day
Monday, December 25 – Christmas Day

Preparing for tax day

Current Tax rates

2023 Tax Brackets

Income Tax Brackets and Rates

Standard Deduction and Personal Exemption

2022 Tax Brackets

Income Tax Brackets and Rates

Standard Deduction and Personal Exemption

Tax Tools & Financial Calculators

Choose your State to check on your Refund

Choose your State to find a Form or Publication

Important Tax Dates for 2023

FILING DATES

2023 E-filing Dates

2023 Estimated Tax Payment Dates

Tax Document Dates

2023 Federal Legal Holidays

Tax Calculators – Provided by CalcXML

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