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What’s new for 2023 tax filing; Every details you need to know!

The Internal Revenue Service (IRS) claims that opening an online account on its website enables taxpayers to securely view their personal tax data. Logging in and confirming your name and address will allow you to accomplish this.

The agency advises people to notify them if their address changes and to get in touch with the Social Security Administration if they legally change their name to prevent delays in the processing of returns.

IRS Website

The start of tax season is quickly approaching, so if you’re working on gathering documentation in advance, the IRS has updated its website with information to make the filing process simpler.

It might be difficult to gather documentation, but the IRS advises creating a system of records to keep your tax information organized.

These 2022 papers consist of the W-2s issued by employers, the 1099s issued by banks or other payers, and the 1099-Ks issued by third-party payment companies.

The IRS warns that filers shouldn’t count on obtaining their return on a certain date. The IRS states that most refunds are provided in fewer than 21 days to prevent tax refunds. If a mistake is discovered, information is missing, or there is fraud or identity theft, some tax returns may need additional scrutiny and take longer to process.

Read more: Tax Refund Advance: Is it a smart decision to get your money earlier?

IRS Reminds About Tax Filing

2023-Tax Filing-IRS-Tax Payers
The IRS claims that opening an online account on its website enables taxpayers to securely view their personal tax data.

The Internal Revenue Service cautions that a change in tax reporting may catch some people off guard when they file in 2023.

The IRS’s Form 1099-K, which is used to report payments and transactions from online marketplaces, applications, and payment card processors including Venmo, PayPal, Facebook Marketplace, Etsy, and Uber, has new reporting requirements.

According to the IRS, the form does not imply that the income is now taxable or not. Unless specifically exempted by law, all income, including that from side occupations, part-time employment, and the sale of items, is nonetheless taxed and requires reporting. Furthermore, funds received from friends and family members via payment networks as individual gifts or as payment for individual expenses such as when someone reimburses you for a gift you shared are typically exempt from taxation.

If you do get a 1099-K and the data on it is wrong, you should get in touch with the payer right once. This is the business whose name is on the top left corner of the form. The IRS is unable to fix the problem.

Read more: Waiting for your tax refund? IRS will soon pay your interest

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