5 Tips for Tax Season 2023

Deadlines to know

• The tax filing deadline is April 18, 2023.
• The extension deadline is Oct. 16, 2023. 

Standard deduction increases

For 2022, the standard deduction increased to $12,950 for single filers and $25,900 for married couples filing jointly.

Tax bracket changes

Income tax brackets increased across the board for 2022 to account for inflation. Visit IRS.gov to ensure you’re filing correctly. 

Sell loser stocks to offset capital gains

Selling stocks or assets that have lost value during the year enables you to deduct the loss from any capital gains you’ve made and only pay taxes on the difference. 

Maximize your retirement contributions

• The deduction limit for 401(k) contributions for 2022 is $20,500, or $27,000 if you’re over the age of 50. 
• The maximum tax deductible contributions for IRAs is $6,000, or $7,000 if you’re over the age of 50.