It is that time of the year again – tax season. Tax season can be very stressful for many Americans. However, ORT Consultants can make navigating tax time a breeze. Our experienced tax professionals can assist you or your business in filing your tax return, as well as keeping up with bookkeeping throughout the remainder of the year. The 2023 tax season has seen several changes to the tax code. ORT Consultants has compiled a list of the most impactful changes to keep in mind as you gather your documents together.

  • April 18th Deadline

The deadline for filing taxes this year is April 18th. If you are requesting an extension, you will have until October 16th to finalize your taxes.

  • Increased Standard Deduction

Most individuals choose to take the standard deduction. To account for the rise in inflation, the standard deduction has increased this season. For individuals, the standard deduction has been increased to $12,950. Married couples filing jointly can expect to see a standard deduction of $25,900.

  • Increased Tax Brackets

Your tax bracket will determine the rate at which your income is taxed at. The tax brackets were also increased this year due to inflation. The income requirements for each tax rate will depend on whether you are single, married filing jointly, head of household, or married filing separately.

  • No More Charitable Deductions

If you take the standard deduction, you will be unable to claim the $600 charitable deduction this season. However, if you itemize your deductions, rather than taking the standard deduction, you are able to deduct charitable deductions. You can only deduct charitable donations up to 60% of your adjusted gross income.

  • Lowered Child Tax Credit

For the 2022 tax season, the child tax credit will run $2,000 per dependent child for those under the age of 17. This is greatly decreased from 2021, where children under the age of 6 qualified for a $3,600 credit and children ages 6 – 17 qualified for a $3,000 tax credit.

Call ORT Consultants to Schedule Your Tax Return

Stop procrastinating with your taxes and schedule a consultation with the experts at ORT Consulting. ORT Consultants can assist you in filing your taxes and navigating the changes made to the tax code. Please call our office at (773) 637-8802 to schedule your appointment.