Income Tax Return Due Date, Tuesday, April 18, 2023,
1099-K
The threshold for receiving a 1099-K form has decreased from $10,000 to $600 (Postponed to Tax Year 2023 per Notice 2023-10)
Recovery Rebate Credit
Cannot be claimed in Tax Year 2022
Private Mortgage Premium (PMI)
No longer deductible on Schedule A for Tax Year 2022 because the provision has expired
Child Tax Credit
The child must be 16 or younger (the increased age limit to 17 no longer applies)
The Child Tax Credit is limited to $2,000 per child regardless of age (the increased amount for children under 6 no longer applies)
The maximum ACTC is limited to $1,500 based on earned income (the credit is no longer fully refundable)
Earned Income Credit
Taxpayer(s) without a qualifying child must be between 25 and 65 years (the expanded age limit allowed in 2021 no longer applies)
2019 earned income is not allowed to be used to calculate the 2022 EIC
Taxpayers that have SSNs but dependents have ITINs may still claim EIC as if they did not have a qualifying child
Standard Business Mileage Rate
Jan 1st through June 30th, the rate is 58.5 cents per mile
From July 1st through December 31st, the rate is 62.50 cents per mile
Note: You must enter business miles driven during each time period separately
Standard Medical Mileage Rate
Jan 1st through June 30th, the rate is 18 cents per mile
From July 1st through December 31st, the rate is 22 cents per mile
Note: You must enter medical miles driven during each time period separately
Individual Taxpayer Identification Numbers (ITINs)
ITINs not used in the last three consecutive tax years: Any ITIN that is not used on a federal tax return for at least three consecutive tax years will expire on December 31 of the third consecutive tax year of non-use. ITINs with middle digits (the fourth and fifth positions) “70,” “71,” “72,” “73,” “74,” “75,” “76,” “77,” “78,” “79,” “80,” “81,” “82,” “83,” “84,” “85,” “86,” “87” or “88” have expired. In addition, ITINS with middle digits “90,” “91,” “92,” “94,” “95,” “96,” “97,” “98,” or “99” if assigned before 2013, have expired.
For more details about the IRS Tax Law Changes, please refer to the link below and see pages 9-15. Fast ITIN Application.