Subject: What to Know as Tax Day Approaches

Tax Day is nearly here. Here is everything you need to know.
Choice Financial Services Oklahoma City

What to Know as Tax Day Approaches

Tax Day 2023 is just about here. Here is what you need to know about your income taxes in 2023.

The deadline to file taxes for the 2022 tax year is quickly approaching, so now is the perfect time to go over everything you need to know! Here are the biggest changes and most important statistics for Tax Day 2023.


1. Tax Day


As the traditional date of Tax Day, Apr. 15, falls on a Saturday this year, the date by which your taxes must be filed is pushed back to the next workday; however, Emancipation Day, which is Apr. 16, falls on a Sunday, so it will be observed by the U.S. government on Monday, Apr. 17. Therefore, Tax Day in 2023 is Apr. 18. If you have yet to file, it could be a good idea to make use of the extra time to avoid incurring penalties.


2. Tax Brackets


Tax rates for taxable income earned during the 2022 year are as follows:

3. Tax-Advantaged Accounts


If you contribute to an individual retirement account, or an IRA, the deadline to make contributions for the 2022 tax year is Apr. 18, and the limit is $6,000, or $7,000 for those 50 or older. The contribution limits will go up to $6,500 and $7,500 respectively for the 2023 tax year. These accounts can help you achieve tax-advantaged growth and distribution. For example, a traditional IRA is built with pre-tax funds then grows and is distributed tax-deferred. A Roth IRA is built with post-tax funds then grows and is distributed tax-free. At Choice Financial Services, we can use your circumstances and goals to help you determine whether a traditional or a Roth IRA would be right for you.

To learn more about financial topics like annual income taxes, please visit us online.

Visit Us Online

Sources:

2. https://www.irs.gov/retirement-plans/traditional-and-roth-iras


This is not intended as tax advice and should not be relied on for the purpose of avoiding any tax penalties. You should discuss any tax or legal matters with the appropriate professional.

The information provided in this newsletter is based on carefully selected sources, believed to be reliable, but whose accuracy or completeness cannot be guaranteed. All information and expressions of opinions are subject to change without notice.

Securities offered through International Assets Advisory, LLC (“IAA”) – Member FINRA/SIPC.

Advisory services offered through International Assets Investment Management, LLC (“IAIM”).

Choice Financial Services is unaffiliated with IAA and IAIM.

13100 MacArthur Boulevard, Oklahoma City, OK 73142, United States

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