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Tax filing changes you need to know
Tax filing season has begun, and while the returns are due the same time every year, the rules can change a bit. The FOX 5 I-Team's Dana Fowle shares a few things of note you may need to know about.
ATLANTA - The tax filing season has begun, and every year a few changes are made that you should know.
According to the IRS, more taxpayers this year will receive Form 1099-K. This will be directed at folks who do business over third-party apps like Venmo, Zelle, and CashApp.
The new income threshold for reporting money paid on these apps is $600 a year. It used to be $20,000 a year for goods or services, or 200 transactions. But now these apps are used so frequently for business that the IRS is making sure to get the tax money, too.
Here are a few things that may affect your refund. No more stimulus checks were issued in 2022, so you can’t get that in your refund.
Some tax credits are returning to 2019 levels which means a smaller refund than you’ve been used to as of late.
More people may be eligible for the Premium Tax Credit or PTC. This can help you or your family cover premiums for health insurance purchased through the Health Insurance Marketplace.
There are rule changes for claiming a Clean Vehicle Tax Credit. The maximum allowed for an electric vehicle is still $7,500 but if you bought it August 17, 2022, through the end of the year then final assembly of that vehicle must have been completed in North America.
To understand fully all the changes the IRS has a page called "Get Ready" dedicated to highlighting important information.
Here you will find more tax filing information: GET READY.