Author: Willean

2023 Child Tax Credit and Child and Dependent Care Credit

As of now for the tax year 2023, the Child Tax Credit rules are back to pre-pandemic levels:

	Tax Year 2023
Child Age Requirement	16 or younger
Refundable	Up to 70%
Credit Amount	$2,000 per child
Phase out starts at	$400,000 AGI for Married Filing Jointly, or $200,000 All other filing statuses

2023 Child and Dependent Care Credit

	Tax Year 2023
Maximum Refundable Percentage of Credit	0%
Maximum Qualifying Expenses for Calculating credit	$3,000 for one dependent or $6,000 for two or more dependents
Maximum Credit Amount	$2,100
AGI at which credit percentage starts to decline	$15,000
Percentage of credit if your AGI is $100,000	20%

2023 Tax Brackets and Standard Deductions

2023 Tax Brackets and Standard Deductions

Single

Married Filing Jointly and Surviving Spouses

Head of Household

Married Filing Separately

Trusts and Estates

2023 Standard Deductions

Additional Standard amount for age 65+ or blind for Married Filing Jointly, per taxpayer: $1,500
Additional Standard amount for age 65+ or blind for all others statuses: $1,850
The standard deduction for an individual who may be claimed as a dependent by another taxpayer is the greater of either $1,250 or the individuals earned income plus $400 that does not exceed the regular standard deduction of a single filer.

4th-quarter 2022 estimated tax payment due – January 15, 2023

If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, get them postmarked by January 15, 2023.

Extended individual tax returns due – October 17, 2022

If you got a filing extension on your 2021 tax return, you need to complete it and e-file or have it postmarked by October 17, 2022.

3rd-quarter 2022 estimated tax payment due – September 15, 2022

If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, make sure your third-quarter payment is postmarked by September 15, 2022.

2nd-quarter 2022 estimated tax payment due – June 15, 2022

If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by this date.

Individual tax returns due for tax year 2021 – April 18, 2022

The due date for filing tax returns and making tax payments is April 18, 2022. If you haven’t applied for an extension, e-file or postmark your individual tax returns by midnight. The Individual Tax Return Extension Form for Tax Year 2021 is also due on this day.

1st-quarter 2022 estimated tax payment due – April 18, 2022

If you’re self-employed or have other income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by this date.

Individual Tax Returns Due for Tax Year 2020

January 1, 2021

The due date for filing tax returns and submitting tax payments is April 15th.
If you haven’t applied for an extension, you must e-file or postmark your individual tax returns by midnight to avoid any penalties.

Individual Tax Return Extension Form Due for Tax Year 2020

If you plan to file for an extension, it must be submitted by April 15^th.

1st Quarter 2021 Estimated Tax Payment Due
If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by this date.

Last Day to make a 2020 IRA Contribution
If you haven’t already funded your retirement account for 2020, it must be done by April 15, 2021. That’s the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 15, 2021, you can wait until then to put 2020 money into those accounts.

2nd Quarter 2021 Estimated Tax Payment Due

January 1, 2021

If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by this date.