Preparing for tax day
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.
(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)
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)
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
Choose your State to check on your Refund
Choose your State to find a Form or Publication
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
Tax Calculators – Provided by CalcXML
Taxes
- What is my potential estate tax liability?
- Federal income tax calculator
- Should I adjust my payroll withholdings?
- Will my investment interest be deductible?
- How much self-employment tax will I pay?
- Capital gains (losses) tax estimator
- Compare taxable, tax-deferred, and tax-free investment growth
- How much of my social security benefit may be taxed?
- What are the tax implications of paying interest?
- Should I itemize or take the standard deduction?
- What is my tax-equivalent yield?
- Tax refund estimator
- Tax freedom day
Automobile
- Lease or buy an automobile?
- Loan vs. 0% dealer financing?
- What would my auto payments be?
- Upgrade to a more fuel efficient vehicle?
- Auto loan: accelerated payoff
- How much vehicle can I afford?
College
- How much should I be saving for college?
- Can I pay back my student loans?
- Advantages of the Coverdell ESA
- Advantages of a 529 college savings plan
- The value of a college education?
- Payments on a parental (PLUS) loan?
- Live on campus, off campus or at home?
Home & Mortgage
- How much home can I afford?
- Should I refinance my home mortgage (break even)?
- Mortgage calculator
- Comparing mortgage terms (i.e. 15, 20, 30 year)
- Should I pay discount points for A lower interest rate?
- Should I rent or buy a home?
- Should I convert to a bi-weekly payment schedule?
- Compare a ‘no-cost’ versus traditional mortgage
- What are the tax savings generated by my mortgage?
- Which is better: fixed or adjustable-rate mortgage?
- Adjustable rate mortgage calculator
- How do closing costs impact the interest rate?
- Compare an interest-only versus traditional mortgage
Paycheck & Benefits
- How much is my company bonus after taxes?
- How will payroll adjustments affect my take-home pay?
- Convert my salary to an equivalent hourly wage
- Convert my hourly wage to an equivalent salary
- Future value of my employee stock options?
- Exercise my “in-the-money” stock options?
- What may my 401(k) be worth?
- Impact of increasing my 401(k) contribution?
- What may my 457 Plan be worth?
- Impact of increasing my 457 Plan contribution?
Retirement
- Will retirement impact my living expenses?
- How much will I need for retirement?
- Are my current retirement savings sufficient?
- Social Security retirement income estimator
- How does inflation impact my retirement income needs?
- I’m retired, how long will my savings last?
- When should I begin saving for retirement?
- Convert discretionary expenses to savings?
- How much retirement income may my 401(k) provide?
- Compare a Roth 401(k) to a Traditional 401(K)
Cash Flow
- Does inflation impact my standard of living?
- How much am I spending?
- How much do I need for emergencies?
- Pay down debt or invest more?
- How long will my money last?
- Should my spouse work?
- What is my current net worth?
- What is my projected net worth?
- What is my current cash flow?
- What is my projected cash flow?
- Value of reducing or foregoing expenses
- Historical inflation – compare purchasing power
Credit
- How long will it take to pay off my credit card?
- How long until my loan is paid off?
- What are my loan payments?
- What is the balance owing on my loan?
- Consolidate my personal debt?
- Re-structuring debts for accelerated payoff
- Cash up front or payments over time?
- Impact of making extra debt payments?
- Pay off debts or invest the money?
- Estimate my credit score
Insurance
- How much life insurance do I need?
- What is my life expectancy?
- What are my needs for burial and final expenses?
- How much disability income insurance do I need?
- What are the chances of becoming disabled?
- What are my long-term care insurance needs?
- How much will I earn in my lifetime?
- What are the tax advantages of an annuity?
- How long will my current life insurance proceeds last?
- What is the future value of an annuity?
- Which is better, comprehensive plan or high-deductible plan with HSA?
- Compare a taxable investment to a tax-deferred investment
Qualified Plans
- Evaluate my company pension payout options
- How much can I contribute to an IRA?
- Retirement income from my IRA provider?
- Convert to a Roth IRA?
- Qualified plan is worth what retirement?
- Current year required minimum distribution?
- Projected required minimum distributions?
- Lump sum distribution options?
- Maximize my employer 401(k) match?
- Impact of borrowing from my 401(k) plan?
- Impact of early withdrawal from my 401(k)?
- I’m self-employed, how much can I contribute to a retirement plan?
- Net Unrealized Appreciation (NUA) vs. IRA Rollover?
Savings
- Becoming a millionaire
- Income generated by a savings plan
- How long will it take to double my money?
- How long until my savings reach my goal?
- Save now vs. save later
- How much should I save to reach my goal?
- What will my current savings grow to?
- Calculate rate of return
- How do taxes and inflation impact my return?
- What is my effective annual yield?
CONTACT US
5100 N Ravenswood Ave Suite 104
Chicago, IL 60640
PHONE: 773-683-1953
EMAIL: info@ledgergeneral.com

