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It could also mean taking a few minutes to click around the deductions page on your tax software to make sure you're not leaving money on the table. Here are three tax moves that experts say people tend to overlook. If you didn't hit your maximum contribution for 2023, you can retroactively direct funds to those accounts for the 2023 tax year. If you have children or other dependents, for instance, your tax prep software will likely guide you to the Child Tax Credit and the Child and Dependent Care Credit. "You're not going to enter something in wrong and the program's not going to give you the Child Tax Credit.
Persons: Mark Jaeger, Hunt, Jaeger, Ed deHaan, deHaan, de Haan Organizations: Child Tax, Care, American Opportunity, Tax, Stanford Graduate School of Business, Research Locations: TaxAct
Some forms that may not have been on your radar last year could drastically raise or lower your bill for tax year 2023, experts say. Here are three tax documents you may have forgotten about last year that could be important this tax season. 1099-INT for savings accountsYou always owed federal income tax on interest from savings accounts. Even if you forgot to report a chunk of your interest income, "the main story is not to panic. For 2023, you may receive a Form 1099-MISC or 1099-B from the financial institution you use to trade crypto.
Persons: Ed deHaan, you've, Mark Jaeger, Jaeger, Matt Metras Organizations: Stanford Graduate School of Business, Federal Reserve, IRS, MDM Financial Services, CNBC Locations: TaxAct
ozgurcankayaIf you're scrambling to file your taxes, it's easy to miss another key deadline on April 18: the due date for 2023 first-quarter estimated tax payments. Income taxes are pay-as-you-go, meaning you must remit taxes throughout the year. The first estimated tax deadline is April 18, which applies to self-employed or gig economy workers, investors and other filers who expect to owe $1,000 or more in 2023. However, some filers affected by natural disasters have more time for estimated tax payments, such as eligible filers in Alabama, California and Georgia, according to the agency. The late payment penalty is 0.5% of your unpaid balance per month, up to 25%, plus interest.
Here are 3 key things to know before filing your taxes
  + stars: | 2023-03-05 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
"Now you're seeing this drop-off because you have people who are either less sure because they maybe getting a smaller refund," Jaeger said. Avoid refund delays with a complete, accurate returnOne of the best ways to avoid refund delays is by filing a complete and accurate return, according to the IRS. However, experts say it's critical to have all your tax forms ready before sending your return. Employers and financial institutions send tax forms every year, with a copy going to taxpayers and the IRS. You can make a checklist of the forms you may need by reviewing last year's tax return, experts suggest.
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