Filing Dates:

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The filing season opens January 29, 2024.  If you receive your documents and wish to upload them, you may do so. The IRS deadline is April 15, 2024.  We recommend you upload your documents here as early as possible to avoid extensions.  Although extensions sometimes may be necessary, the IRS and will still impose late payment penalties for those that have a tax liability after April 15, 2024.

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Charitable Contributions:  

 

Previously, charitable contributions could only be deducted if taxpayers itemized their deductions.

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​If you itemize, you may deduct all charitable donations (cash or non-cash) as usual.  For the purposes of this deduction, qualifying organizations are those that are religious, charitable, educational, scientific or literary in purpose.  You must have a dated receipt from the organization.

 

Standard Deduction:  

 

The standard deduction for 2023 is $13,850 (Single), $27,700 (Married Filing Joint), and $20,800 (Head of Household).   You may still itemize your deductions if they are higher than the standard deduction although there are still some limits on itemized deductions this year.

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State, Local and Property Taxes:  

 

If you itemize, the limit on deducting the aggregate total of state, local AND property taxes is limited to $10,000 annually.  Any amounts over this is not deductible.

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HELOC and 2nd Mortgage Interest:  
 

Originally repealed for 2018, Congress has modified the deduction for mortgage interest on home equity lines and 2nd mortgages.  If the funds were used to buy, build or substantially improve your primary or second home, you may be able to deduct it.  We will need to know when and for what purpose the funds were used in order to determine the deductibility of this interest.

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Unreimbursed Employee Business Expenses:

 

If you are a W-2 employee and deduct unreimbursed business expenses (mileage, per diems, tools, union dues, uniforms, etc.), this deduction is no longer available.  If you incur a lot of these expenses, you need to discuss the use of an accountable plan with your employer to be reimbursed directly for these types of expenses.

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529 Savings Plans:  

 

Ohio allows for a state tax deduction for contributions made to a 529 Savings Plan of $4,000 per beneficiary.  This is a great savings option for parents, grandparents and family to save for a child’s future education needs tax free.  Also, withdrawals may now be used for private and religious elementary and secondary education for tuition and materials (up to $10,000 per student per year). Beginning with tax year 2023, contributions to ANY state's 529 plan are eligible for this deduction.

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Health Insurance:  

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For tax year 2022, if you have health insurance through the Marketplace, you are required to report this on your tax return. We will require form 1095-A from the Marketplace to prepare your taxes. 

 

Children/Student Tax Returns:

We strongly encourage that you do not allow your dependent children or college students to file their own returns this year.  Allowing a child to file their own return, particularly a student, can cost the child and parent literally thousands of dollars in Education credits.  This is extremely important if you have a child in college.

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Traditional/Roth IRA Contributions:

You have until April 15, 2024 to contribute to your Traditional or Roth IRA accounts and have it apply to your 2023 tax return. The IRA contribution limits for 2023 are $6,500 ($7,500 if age 50 or older).  These limits apply to Traditional and Roth IRAs. For tax year 2024: The IRA contribution limits will increase to $7,000 ($8,000 if age 50 or older).

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