The 2023 Tax Filing Season Opens in January 2024
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Our Core Service
EZ Tax Services are experienced in preparing tax returns for individuals and businesses. While preparing income tax returns for our clients, we work in compliance with IRS standards and regulations. Our interview process ensures that each of our clients meets all tax obligations, which results in preparing and submitting their tax returns with accuracy and promptly.
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Prepare or assist in preparing simple to complex tax returns for individuals or small businesses.
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Uncover potential deductions and credits.
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Ensure clients do not pay unnecessary taxes.
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Interview clients to understand their financial situation.
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Verify totals on forms for accuracy.
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Prepare tax returns using electronic filing software.
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Ensure a copy of the completed return is provided to the customer.
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News & Resources
Stay Current With The 2022 Tax Laws
Energy Tax Credit: Which Home Improvements Qualify?
What are energy tax credits targeting home improvements?
In August 2022, the Inflation Reduction Act amended two credits available for energy-efficient home improvements and residential clean energy equipment, so that they last longer and have a greater financial impact.
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Energy Efficient Home Improvement Credit
Prior to its extension and expansion through the passage of the Inflation Reduction Act, the energy efficient home improvement credit amounted to a lifetime credit of $500 through December 31, 2022, and had a different name, the Nonbusiness Energy Property Credit. The Inflation Reduction Act amended the credit to be worth up to $1,200 per year for qualifying property placed in service on or after January 1, 2023, and before January 1, 2033 and gave it a new name, the Energy Efficient Home Improvement Credit.
Because the new credit has an annual limit rather than a lifetime limit, if you can manage to spread out your qualifying home improvements over the 10-year life of the credit, you could receive up to $12,000 back on your taxes as compared to only $500 allowed under the previous credit. You can receive up to an additional $2,000 per year for making qualified investments in heat pumps and biomass stoves and boilers.
IRS changed its tax brackets for 2023. Here's what it means for your taxes.
Americans could save on taxes this year because of historically large inflation adjustments set by the IRS.
The agency adjusted many of its 2023 tax rules to help taxpayers avoid “bracket creep.” That’s when workers get pushed into higher tax brackets due to the impact of cost-of-living adjustments to offset inflation, despite their standard of living not having changed. On average, the IRS pushed up each provision by about 7% for 2023.
The changes could mean tax savings for some taxpayers, providing some relief at a time when Americans are still struggling with high inflation that’s eating away at their purchasing power. For instance, some taxpayers could fall into lower tax brackets as a result of the changes, while those who use the standard deduction — relied on by 86% of taxpayers — will be able to deduct more of their income from taxation.
Updated Roth and Traditional IRA Contribution Limits
IRA Contribution Limits
As noted above, there are limits to how much you can contribute to your retirement accounts, including IRAs. These limits are set and adjusted for inflation annually and are published by the Internal Revenue Service (IRS).
The maximum contribution limit for Roth and traditional IRAs for 2023 is:
- $6,500 if you’re younger than age 50
- $7,500 if you’re age 50 or older2
Tax relief for federally declared disaster areas
Learn how to get IRS tax relief, including a tax-filing extension and an expedited refund if you were affected by a federally declared disaster.
Get more time to file and pay your taxes after a disaster
You may be eligible for an extension to file your return and pay your tax bill if you are in a federally declared disaster area. In most cases, you will not need to request an extension. You will get it automatically.
EV Tax Credit 2023: Rules and Qualifications for Electric Vehicle Purchases
The electric vehicle tax credit has been expanded and modified. Here are the rules, restrictions, and how to qualify.
People who buy new electric vehicles may be eligible for a tax credit as high as $7,500, and used electric car owners may qualify for up to $4,000 in tax breaks as of 2023.
The EV tax credit was extended and revamped under the Inflation Reduction Act of 2022, which means that people buying vehicles though 2032 may be eligible for these benefits. However, there may be some hiccups for consumers as the changes roll out this year.
The Biden $15k First-Time Homebuyer Tax Credit: Explained
The First-Time Homebuyer Act amends the IRS tax code to grant first-time home buyers up to $15,000 in refundable federal tax credits.
The First-Time Homebuyer Tax Credit is known by several names, which we use interchangeably throughout this review:
- The $15,000 First-Time Homebuyer Tax Credit
- The Biden First-Time Home Buyer Tax Credit
- The First-Time Home Buyer Act
