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Tax Deadline Reminders

by Maia Babbs

Tax day is April 18, 2023 this year.  A few reminders as we get closer to the deadline:

April 18, 2023, Deadlines:

  • Traditional IRA Contributions: 2022 contributions to a traditional IRA can be made through April 18, 2023.  Contributions are tax deductible and can be up to $6,000 and up to $7,000 for those 50 and older.
  • HSA Contributions: Tax filers who have a high-deductible health care plan can make tax deductible contributions to an HSA though April 18, 2023. 

October 16, 2023, Deadlines:

  • SEP IRA Contributions:  Filers with self-employment income can make a tax-deductible contribution of up to $61,000 for 2022.  The deadline for establishing and contributing to a SEP IRA is October 16, 2023. Consult with your CPA on your potential contribution.
  • Solo 401(K) Contributions:  Eligible filers can make 2022 contributions through October 16, 2023.  Consult with your CPA on eligibility and potential contribution.

Future changes to be aware of:

  • Gift and Estate Tax Exemption – Expanded Exemption Set to Expire in 2025: the exemption for gift and estate tax was expanded meaningfully in 2017.   In 2022, the lifetime exemption for gift and estate taxes was $12.06mm per individual or $24.12mm per married couple. The expanded exemption is set to lapse in 2025.
  • Electric Vehicle and Home Energy Incentives: a law passed in 2022 which provides more detail around eligibility for tax savings.  It ended manufacturer caps but added vehicle price caps and income limits.  For homes, taxpayers may be eligible for a tax credit of 10% of the cost of certain improvements in 2022, and from 2023-2032 increases to 30% with a $1,200 annual limit.  
  • Age for Required Minimum Distribution (RMD) from retirement accounts: for 2023, the age was raised from 72 to 73, and starting in 2033 will be 75. 

Source:  Wall Street Journal Tax Guide 2023

Use of any information presented is for general information only and does not represent individualized tax advice, either express or implied. You are encouraged to seek professional tax advice for questions and assistance.

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