IMPORTANT IRS Tax Changes For 2023 | Standard Deductions, 1099-K, Retirement Contributions
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Today let’s talk about some of the IRS 2023 tax changes. There are many changes to the tax return for a 2023, and today we will explain what some of those are. I will talk about the 1099 – k, the standard deductions, the income tax brackets, and more. If you have any questions regarding tax preparation you should reach out to a license CPA. I am not a tax professional I’m just helping to hopefully get you to understand what some of the new IRS changes actually are.
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Intro – 0:00
Tax Bracket Changes – 2:50
Standard Deductions – 5:00
1099-K – 7:35
retirement account Contributions – 9:55…(read more)
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On Friday, 12/23/22, the IRS announced a one-year delay in implementing the new $600 threshold for 1099-K. for tax year 2022 to be filed in April 2023, the old rules remain in effect.
To clarify. If you sell something and make a profit, you have to report that profit even if it is just $1 and you don't receive a 1099-K. Same if you provide a service and make just $400, you have to report it on a Schedule C even if you don't receive a 1099-K. This is not new…this has always been the case.
About the 87,000 new agents. They are not going to be hired all at once. They are to be hired over 10 years. Since the Republicans gutted the IRS budget in 2017, forcing the layoff of thousands of IRS agents and preventing the IRS from replacing agents who retired or resigned, the IRS is now down by close to 30,000 agents. As a result, if you were to try to call the IRS for advice, you won't get through to anyone. If you were to call the IRS to find out what happened to your refund, you likely won't get through to anyone. The lack of agents is why there are some people out there still waiting to receive their 2020 refunds! The IRS needs to hire thousands of people just to get their workforce back to what it once was so they can actually accomplish their jobs.
Biden lied . I know numerous people making 50,000 get audited why earned income . Claiming less what you actually make . Also your w-2 is sent one to you and one to IRS and they have to match up . My son last year had that happen to him and his wife his employer made a corrected W-2 sent my son the correct W-2 which what they filed on but one IRS got was over 17,000 thousand over what correct W-2 was . In turn once this all took place they did not get their refund until July 7 months later and that’s after the correct w-2 was sent in immediately by his employer . Watch your W-2 as we r having to do this year with my husband as it already on hi pay check stub is several thousand of dollars over what he made . His employer switched software and stated it will be corrected . Well you can bet I will be going over that w-2 with fine tune comb. Been through bs with IRS it’s definitely not a fun thing for anyone . Again watch those W-2
Is this a good time to buy stocks? I know everyone is saying stocks are at a discount and all, but just how long will It take for us to recover, obviously there are strategies to maneuver in this present market but these strategies doesn't come common to the average folk, or am I better off putting my money elsewhere?
What if somebody gave you $600 do you have to pay taxes on that
Great video ! I really do have a quick question. For someone with less than $10,000 to invest, How would you recommend we enter the market? I am looking study some traders and copy their strategy rather than investing myself and losing money emotionally. Whats your take on this approach?
Can’t understand what we haven’t been told!
So the people that make less than 20,000 are going to get some help
As a single head of household. Age 78 in 12%bracket di I have to pay taxes?
craZy TRuth must live off welfare to say crap like that.
I don't believe Republican try to help the the Poor
Once again Biden lies about everything.
This government is desperate for you money because they have to fund the war and try to replenish the SPR. If they didn't shut down a lot of our oil production and stop selling our oil from the SPR to China, we wouldn't have this problem You folks have to pay for all of this and you will!
Thanks Adam
I can't wait until next year when the IRS goes after the working man, especially the one's that voted for Uncle Joe! You get what you deserve! He's lunch box Joe. He's the working class man. BS!
Question? These are changes that will affect my 2023 tax return, NOT my 2022 return. Right?
So we need to vote Republican and get screwed with higher taxes. Just because Democrats want to tax the working middle class.
I've never heard such thing and done taxes for years.
We have a new House. The Democrats reign of terror is over.