{"id":2374,"date":"2022-11-28T12:11:49","date_gmt":"2022-11-28T12:11:49","guid":{"rendered":"https:\/\/acmmconsulting.com\/?p=2374"},"modified":"2025-06-02T16:35:45","modified_gmt":"2025-06-02T16:35:45","slug":"get-ready-now-to-file-your-2022-federal-income-tax-return","status":"publish","type":"post","link":"https:\/\/acmmconsulting.com\/en\/get-ready-now-to-file-your-2022-federal-income-tax-return\/","title":{"rendered":"Get Ready now to file your 2022 federal income tax return"},"content":{"rendered":"

The\u00a0Internal Revenue Service today encouraged taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence.<\/p>\n

Filers can visit the\u00a0Get Ready<\/a>\u00a0webpage to find guidance on what\u2019s new and what to consider when filing a 2022 tax return. They can also find helpful information on organizing tax records and a list of online tools and resources.<\/p>\n

Get Ready by gathering tax records<\/h2>\n

When filers have all their tax documentation gathered and organized, they\u2019re in the best position to file an accurate return and avoid processing or refund delays or receiving IRS letters. Now\u2019s a good time for taxpayers to consider financial transactions that occurred in 2022, if they\u2019re taxable and how they should be reported.<\/p>\n

The IRS encourages taxpayers to develop an electronic or paper recordkeeping system to store tax-related information in one place for easy access. Taxpayers should keep copies of filed tax returns and their supporting documents for at least three years.<\/p>\n

Before January, taxpayers should confirm that their employer, bank and other payers have their current mailing address and email address to ensure they receive their year-end financial statements. Typically, year-end forms start arriving by mail or are available online in mid-to-late January. Taxpayers should carefully review each income statement for accuracy and contact the issuer to correct information that needs to be updated.<\/p>\n

Get Ready for what\u2019s new for Tax Year 2022<\/h2>\n

With the end of the year approaching, time is running out to take advantage of the\u00a0Tax Withholding Estimator<\/a>. This online tool is designed to help taxpayers determine the right amount of tax to have withheld from their paycheck. Some people may have life changes like getting married or divorced, welcoming a child or taking on a second job. Other taxpayers may need to consider estimated tax payments due to non-wage income from unemployment, self-employment, annuity income or even digital assets. The last quarterly payment for 2022 is due on January 17, 2023. The Tax Withholding Estimator can help wage earners determine if there is a need to adjust their withholding, consider additional tax payments, or submit a new\u00a0W-4 form<\/a>\u00a0to their employer to avoid an unexpected tax bill when they file.<\/p>\n

As taxpayers gather tax records, they should remember that most income is taxable. This includes unemployment income, refund interest and income from the\u00a0gig economy<\/a>\u00a0and\u00a0digital assets<\/a>.<\/p>\n

Taxpayers should report the income they earned, including from part-time work, side jobs or the sale of goods. The American Rescue Plan Act of 2021 lowered the reporting threshold for third-party networks that process payments for those doing business. Prior to 2022, Form 1099-K was issued for third-party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. Now a single transaction exceeding $600 can trigger a 1099-K. The lower information reporting threshold and the summary of income on Form 1099-K enables taxpayers to more easily track the amounts received. Remember, money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. Those who receive a\u00a01099-K<\/a>\u00a0reflecting income they didn\u2019t earn should call the issuer. The IRS cannot correct it.<\/p>\n

Credit amounts also change each year like the\u00a0Child Tax Credit (CTC), Earned Income Tax Credit (EITC)\u00a0and Dependent Care Credit. Taxpayers can use the\u00a0Interactive Tax Assistant<\/a>\u00a0on IRS.gov to determine their eligibility for tax credits. Some taxpayers may qualify this year for the expanded eligibility for the\u00a0Premium Tax Credit<\/a>, while others may qualify for a\u00a0Clean Vehicle Credit<\/a>\u00a0through the\u00a0Inflation Reduction Act of 2022<\/a>.<\/p>\n

Refunds may be smaller in 2023. Taxpayers will not receive an additional stimulus payment with a 2023 tax refund because there were no Economic Impact Payments for 2022. In addition, taxpayers who don\u2019t itemize and take the standard deduction, won\u2019t be able to deduct their charitable contributions.<\/p>\n

The IRS cautions taxpayers not to rely on receiving a 2022 federal tax refund by a certain date, especially when making major purchases or paying bills. Some returns may require additional review and may take longer. For example, the IRS and its partners in the tax industry, continue to strengthen security reviews to protect against identity theft. Additionally, refunds for people claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) can\u2019t be issued before mid-February. The law requires the IRS to hold the entire refund \u2013 not just the portion associated with EITC or ACTC. This law helps ensure taxpayers receive the refund they’re due by giving the IRS time to detect and prevent fraud.<\/p>\n

For taxpayers who are still waiting for confirmation that last year\u2019s tax return processed, or for a tax year 2021 refund or stimulus payment to process, their patience is appreciated. As of November 11, 2022, the IRS had 3.7 million unprocessed individual returns received this year. These include tax year 2021 returns and late filed prior year returns. Of these, 1.7 million returns require error correction or other special handling, and 2 million are paper returns waiting to be reviewed and processed. They also had 900,000 unprocessed Forms 1040-X for amended tax returns. The IRS is processing these amended returns in the order received and the current timeframe can be more than 20 weeks. Taxpayers should continue to check\u00a0Where’s My Amended Return?<\/a>\u00a0for the most up-to-date processing status available.<\/p>\n

Renew expiring tax ID numbers<\/h2>\n

Taxpayers should ensure their\u00a0Individual Tax Identification Number (ITIN)<\/a>\u00a0hasn\u2019t expired before filing a 2022 tax return. Those who need to file a tax return, should submit a\u00a0Form W-7, Application for IRS Individual Taxpayer Identification Number<\/a>\u00a0now, to renew their ITIN. Taxpayers who fail to renew an ITIN before filing a tax return next year could face a delayed refund and may be ineligible for certain tax credits. Applying now will help avoid the rush as well as refund and processing delays in 2023.<\/p>\n

Bookmark the following tools on IRS.gov<\/h2>\n

Online tools are easy to use and available to taxpayers 24 hours a day. They provide key information about tax accounts and a convenient way to pay taxes. IRS.gov provides information in many languages and enhanced services for people with disabilities, including the Accessibility Helpline. Taxpayers who need accessibility assistance may call 833-690-0598. Taxpayers should use IRS.gov as their first and primary resource for accurate tax information.<\/p>\n