Whether they plan to stay up to greet the new year or go to bed early, taxpayers can get ready for 2023 by reviewing these common end-of-year tasks. People can always visit IRS’ Get Ready webpage for info on filing their tax return. Here are a few things they should keep on their radar.
Check Individual Taxpayer Identification Number
The IRS issues ITINs to people who are required to have a U.S. taxpayer identification number but who don’t have, and are not eligible to obtain, a Social Security number. If ITIN was not included on a federal tax return at least once for tax years 2019, 2020 and 2021, the ITIN will expire on December 31, 2022.
Individuals only need to renew an ITIN if it has expired and is needed on a federal tax return.
Find information about retirement plans
IRS.gov has end-of-year tax information about retirement plans. This includes resources for individuals about retirement planning, contributions and withdrawals.
Contribute salary deferral
Taxpayers can make a salary deferral to a retirement plan. This helps maximize the tax credit available for eligible contributions. Taxpayers should make sure their total salary deferral contributions do not exceed the $20,500 limit for 2022.
Donate to charity
Taxpayers must make any donation to a tax-exempt organization they want to deduct on their 2022 return by December 31. Most charitable cash donations qualify…
