Anyone who is considering a life change needs to contemplate the tax implications of doing so
The average tax refund for the 2022 filing season was $3,176 — a 13.8% jump from the prior year average refund of $2,791 and a sizable increase from the pre-pandemic year of 2019, which was $2,869.
The reason for the early warning is that many of the COVID-19 relief measures stopped last year. There were no Federal or state stimulus recovery rebates or credits; no enhanced child or dependent care tax credits; and no charitable deductions for standard filers. As these emergency programs go away, you will likely find that much of your tax preparation for tax year 2022 will look a lot like your prep for the 2019 tax year.
But the report also says the IRS made considerable progress in reducing the volume of unprocessed tax returns and correspondence and is poised to start the 2023 filing season in a stronger position, after greatly reducing backlogs of paper returns and starting to increase staffing.The deadline is April 18, due to observance of Emancipation Day in the District of Columbia. April 18 is also the due date to file for an extension, which gives you until October 17.
“What we might not fully appreciate is how life or career changes might create opportunities for us to save money or at least achieve more certainty about our tax burdens. The money you save or the certainty you gain might make a Great Money Reset more practicable. “You might be able to retire earlier, take a job that pays less, or enjoy a higher quality of life in the years ahead — all because you understood what the tax law allows and took advantage of it. The IRS very well can be your friend during a major money reset, but only if you know what to do.”
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