NEWS & UPDATES

September Update

Tax Laws, Tips, and Helpful Info for September 2023

The September 2023 tax deadline is fast approaching, so it's important to start planning now. In this newsletter, we will discuss some of the latest tax laws, tips, and helpful information to help you file your taxes accurately and on time.

Key Tax Laws for September 2023:

The Child Tax Credit has been expanded for 2023. Families with children under the age of 18 can now claim a credit of up to $3,600 per child. This is a significant increase from the previous credit of $2,000 per child.
The Earned Income Tax Credit (EITC) has also been expanded for 2023. Low- and moderate-income workers can claim a credit of up to $7,500 for one qualifying child. This is a significant increase from the previous credit of $5,828 for one qualifying child.

The standard deduction has been increased for 2023. Single filers can now deduct $12,950, and married couples filing jointly can deduct $25,900. This is an increase of $400 for single filers and $800 for married couples filing jointly.
The child care tax credit has been extended for 2023. Families can claim a credit of up to $8,000 for expenses paid for child care while they work or look for work. This is the same amount as the previous credit.

Tax Tips for September 2023:

Start planning early. The sooner you start planning for your taxes, the more time you will have to gather all of the necessary documentation. This includes your W-2s, 1099s, and any other tax forms you receive from your employer, clients, or other sources.
Keep good records. Make sure to keep all of your receipts and other documentation related to your income and expenses. This will help you when it comes time to file your taxes.
Take advantage of all the deductions and credits you are eligible for. There are many deductions and credits available to taxpayers, so be sure to take advantage of all the ones you qualify for. You can find more information about deductions and credits on the IRS website.
File your taxes on time. The deadline for filing your taxes for the 2023 tax year is April 18, 2024. If you file your taxes late, you may be subject to penalties.

Helpful Information for September 2023:

The IRS has a website with a wealth of information about taxes, including forms, publications, and tax calculators. You can find the IRS website at www.irs.gov.
There are also many tax preparation software programs available that can help you file your taxes. These programs can make the process of filing your taxes much easier.
If you need help with your taxes, you can contact a tax professional. A tax professional can help you file your taxes accurately and on time.

Conclusion:

We hope this newsletter has provided you with some helpful information about the latest tax laws, tips, and helpful information for September 2023. If you have any questions, please contact Carol now.

Thank you for reading!