2023 Tax Returns: Key Things to Know (as of December 18, 2023)

General

• Deadline:** April 15, 2024
• Smaller refunds:** Expect less due to changes in credits and deductions, like Advanced Child Tax Credit ending and no increase in standard deduction.
• Free e-filing:** File for free if your AGI is $73,000 or less through the IRS Free File program. Other affordable options exist.
• Extended deadline:** File by October 16, 2024 if affected by certain natural disasters.

Credits and Deductions

• Compare before itemizing:** High standard deduction might make itemizing unnecessary.
• Child tax credit:** Claim the full amount on your return, no more advance payments.
• Education credits and deductions:** Review changes and limitations before claiming.
• Charitable donations:** Only benefit from deductions if you itemize.
• Clean vehicle credit:** Claim it for eligible vehicles purchased in 2023 (limited availability).

Other Changes

• Form 1099-K delay:** Reporting threshold for third-party payment networks postponed, might apply in 2024.
• Minimum wage increase:** Affecting some states, could impact earnings and tax liability.
• Unchanged tax brackets:** Same brackets as 2022.