The IRS began accepting the Form 1040-X electronically in 2020 but until now did not offer direct deposit as an option for a refund. Following IRS system updates, those filing amended returns can now enjoy the same speed and security of direct deposit as those filing an original Form 1040 tax return.
Beginning in processing year 2023, Direct Deposit can be requested for electronically filed amended returns for tax year 2021 and tax year 2022. The bank account information should be entered on the electronically filed Form 1040-X.
Child Dependent Enhancement Tax Credit is now available on PA tax return, if you paid daycare expenses and qualify for this credit on federal.
Families earning more than $43,000 can receive $180 if they have one child or $360 if they have multiple children. Those earning less than $43,000 can receive $315 if they have one child or $630 if they have multiple. “Pennsylvania’s hard-working families deserve the chance to succeed.
No above-the-line charitable deductions. During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. However, in 2022, those who take a standard deduction may not take an above-the-line deduction for charitable donations.
Eligibility rules changed to claim a tax credit for clean vehicles. Review the changes under the Inflation Reduction Act of 2022 to qualify for a Clean Vehicle Credit.
How much can I contribute to an IRA? The annual contribution limit for 2023 is $6,500, or $7,500 if you’re age 50 or older (2019, 2020, 2021, and 2022 is $6,000, or $7,000 if you’re age 50 or older)
April 18 Tax Filing Deadline in 2023
The filing deadline to submit 2022 tax returns or an extension to file and pay tax owed is Tuesday, April 18, 2023, for most taxpayers.
Taxpayers who request an extension will have until Monday, October 16, 2023, to file.
If you have any questions, please contact your local tax professionals at Meadville Tax Service at 814-333-2488 or via email at info@meadvilletaxservice.com
