{"id":14185,"date":"2023-01-05T09:42:11","date_gmt":"2023-01-05T15:42:11","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=14185"},"modified":"2023-01-05T10:28:29","modified_gmt":"2023-01-05T16:28:29","slug":"how-to-help-prepare-for-tax-season-in-2023","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/how-to-help-prepare-for-tax-season-in-2023","title":{"rendered":"How to Help Prepare for Tax Season in 2023"},"content":{"rendered":"<p><strong> Preparing for tax season can be overwhelming, but it doesn&#8217;t have to be. With a little planning and organization, you can make the process as smooth as possible. Here are some tips to help you prepare for tax season in 2023.<\/strong><\/p>\n<p>It&#8217;s the beginning of the new year, and you might be feeling a little overwhelmed by all of the things that need to get done\u2013including filing your taxes. But don&#8217;t worry\u2014we&#8217;ve got you covered! We&#8217;re going to take a look at how you can help prepare for your income tax return for 2022. Here\u2019s what you need to know.<\/p>\n<h4><b>Iowa Filing Requirements<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">You are required to file an Iowa return if you were a resident or part year resident of Iowa for the tax year and meet any of the following requirements:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under 65 and Single<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Iowa net income at least $9,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under 65 and filing status is other than Single\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Iowa net income at least $13,500<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Age 65 or older and Single<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Net Iowa income is at least $24,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Age 65 or older and filing status is other than Single\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Net Iowa income is at least $32,000<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you&#8217;re married, your filing status is usually the same on the Iowa return as it was on your federal return. However, married taxpayers have the option of either filing jointly, married filing separately on a combined return, or married filing separate returns on the Iowa return, no matter how they filed on the federal return.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lastly, Iowa has a reciprocal agreement with Illinois. Which means that wages and salaries are taxed by the individual&#8217;s state of residence. Now that we know a little more about Iowa\u2019s requirements, we can dive into topics that require more preparation.<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><b>Check your Paycheck for Tax Withholding\u00a0<\/b><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Have you ever wondered why your employer withholds money from your paycheck?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s because the US has a &#8220;pay as you go&#8221; model of income tax, which means that people who earn money have to pay taxes on it throughout the year. If you don&#8217;t pay enough in estimated taxes during the year, you may be subject to penalties at tax time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your employer determines how much money is withheld from your paycheck by your W-4 tax form. This includes information about your filing status and estimated deductions. The end of the year is a great time to review your W-4 form and current withholding to decide if you want to change it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The IRS&#8217; Tax Withholding Estimator tool lets you estimate your current withholding and projected tax refund in order to adjust your W-4 form. You can submit an updated W-4 form to your company at any time, and your employer must institute your changes by the start of the first payroll period that&#8217;s 30 days or longer after your W-4 submission.<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><b>Max Out 401K Contributions<\/b><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you&#8217;re planning to make a big push toward retirement saving this year, then we have some good news for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Retirement funds like 401(k) accounts and IRAs provide one of the most productive tax deductions because you can help reduce your tax bill while building a nest egg for the future. If you can afford it, max out your possible contributions to any retirement account before the end of the year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-401k-and-profit-sharing-plan-contribution-limits\"><span style=\"font-weight: 400;\">deduction limit for 401(k) contributions<\/span><\/a><span style=\"font-weight: 400;\"> for 2022 taxes is $20,500, and that does not count employer contributions. A worker in the 24% tax bracket could knock almost $5,000 off their tax bill just by saving money for the future. Increase the percentage of your regular 401(k) contribution for the last pay periods of 2022 to make the most of your retirement deductions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, If you&#8217;re over 50, you can contribute more to your 401(k) with <\/span><a href=\"https:\/\/www.irs.gov\/retirement-plans\/plan-participant-employee\/retirement-topics-catch-up-contributions\"><span style=\"font-weight: 400;\">&#8220;catch up&#8221; contributions<\/span><\/a><span style=\"font-weight: 400;\"> totaling $6,500 per year (or $27,000 total) in 2022, if allowed by your 401(k) plan.\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><b>Complete Your Charitable Contributions<\/b><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The deadline to make<\/span><a href=\"https:\/\/www.irs.gov\/charities-non-profits\/charitable-organizations\/charitable-contribution-deductions\"><span style=\"font-weight: 400;\"> Charitable contributions <\/span><\/a><span style=\"font-weight: 400;\">is Dec. 31st and even though this has passed, it&#8217;s best to check with your fiduciary advisor to see if you can add your contributions for your taxes this year. Most taxpayers can generally deduct charitable donations up to 50% of their taxable income. The best way to complete this is by itemizing your tax deductions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before donating to anyone, make sure that your contribution will be tax deductible by searching the IRS&#8217; tax-exempt organization database. All valid charities and non-profits will also have a tax identification number that identifies them as tax-exempt.<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><b>Combine Medical Expenses<\/b><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Medical Expenses are a great way for taxpayers to get a big deduction. However, the IRS has a rule that limits how much you can deduct from your taxable income. If your AGI is $50,000, and you spend $5,000 on medical expenses, you can only deduct $1,250\u00a0 from your taxable income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re nearing that limit this year and have major medical expenses coming up\u2014like surgeries or prescriptions\u2014make sure to schedule them by December 31st of 2022 so they count toward this year&#8217;s deduction rather than next year&#8217;s.\u00a0<\/span><b><\/b><\/p>\n<ul>\n<li aria-level=\"1\">\n<h4><b>Check Your Required RMDs\u00a0<\/b><\/h4>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">US tax law requires Americans to receive distributions when they reach 72. If you don&#8217;t, the IRS will hit you with a <\/span><a href=\"https:\/\/www.irs.gov\/retirement-plans\/retirement-plans-faqs-regarding-required-minimum-distributions#8\"><span style=\"font-weight: 400;\">nasty 50% penalty<\/span><\/a><span style=\"font-weight: 400;\">. Required minimum distributions, or RMDs are calculated based on how much money is in your retirement accounts.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you&#8217;re required to withdraw $20,000 but only received $10,000 you will have to pay a $5,000 penalty. It is absolutely essential to check your RMD to make sure you\u2019re getting the money you need while helping to avoid any penalties.<\/span><\/p>\n<p>RMDs are withdrawals that the IRS requires seniors to take from most types of retirement accounts. <b>Beginning Jan. 1, 2023, the starting age will rise from 72 to 73<\/b>. The Secure 2.0 Act will eventually increase RMD age to 75 in 2033.<\/p>\n<h4><b>Final Thoughts<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">While the tax season list can continue on, it&#8217;s important to know preparing for the upcoming tax season doesn&#8217;t have to be hard. As Iowans, we work hard to help ensure our families are enjoying a lifestyle with moderate measures. By following these tips, you can help prepare for tax season in 2023 with confidence. Don&#8217;t wait until the last minute \u2013 start preparing now and make the process as smooth as possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Johnson Wealth and Income Management, we will sit down and work with you to help ensure that you and your family feel comfortable and are taken care of. As Fiduciary advisors, we strive to help our clients achieve their goals. That is why we offer an<\/span><a href=\"https:\/\/johnsonwim.com\/services\"><span style=\"font-weight: 400;\"> array of services<\/span><\/a><span style=\"font-weight: 400;\">, including investing, wealth management and tax preparation.<\/span><\/p>\n<p><a href=\"https:\/\/johnsonwim.com\/contact\"><span style=\"font-weight: 400;\">If you&#8217;re ready to get a head start on your tax planning for 2023, contact us today.<\/span><\/a><\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth &amp; Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth &amp; Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth &amp; Income Management is a franchisee of the Retirement Income Source. The Retirement Income Source and Sound Income Strategies LLC are associated entities. \u00a9 2021 Sound Income Strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Preparing for tax season can be overwhelming, but it doesn&#8217;t have to be. With a little planning and organization, you can make the process as smooth as possible. Here are some tips to help you prepare for tax season in 2023. It&#8217;s the beginning of the new year, and you might be feeling a little [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14187,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[37],"tags":[147,82,150,73,38,59,86,45],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Prepare for Tax Season in 2023<\/title>\n<meta name=\"description\" content=\"Preparing for tax season can be overwhelming, but it doesn&#039;t have to be. 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