How the Inflation Reduction Act May Affect the 2023 Tax Filing Season
How the IRS has made positive changes because of the new law, and which tax credits might affect you.
的 Inflation Reduction Act of 2022, which we covered in a column last year, is starting to produce changes in the U.S. 在很多方面. While it’s true that the new law passed last August may not have had a lot of direct impact on today’s lower inflation rate, 这是一个10年计划. 的 IRA could still eventually reduce inflation by, “…making the economy more productive and reducing reliance on oil,据Investopedia报道.
We looked around to see how the new laws could directly affect you during the 2023 tax season. We found two areas that might be of interest to you:
- 国税局自身的变化
- Tax credits you could still qualify for during 2023
美国国税局改善服务
You may recall that the IRS received substantial funding from the IRA. 的 agency has already put it to good use. 例如:
- Answered 3 million more calls
- Cut phone wait times from 28 minutes to three
- Met with 140,000 more taxpayers in person
- Implemented a new scanning technology that has allowed them to digitize 80 times more returns than in 2022
的 Paperless Processing Initiative was put in place using IRA resources and is expected to help eliminate paper backlogs and speed up refunds. 的 process of scanning and e-filing paper returns has already accelerated. 的 IRS has thus far scanned 225 times more returns than it did in 2022. By the 2025 filing season, the IRS hopes to have digitize all paper returns when they’re received.
Customer callbacks should come faster. Taxpayers will be able to respond to dozens of the most common “notices” (those letters the IRS sends when it needs more information or clarification) online rather than through the U.S. 邮件. A new online portal allows 企业 to file Form 1099s electronically rather than through the mail. Pop-Up Taxpayer Assistance Centers will become more common, giving taxpayers in hard-to-reach areas the opportunity to meet face-to-face with IRS representatives.
Businesses will be more likely to file IRS Form 1099s electronically.
Are You Eligible for Tax Credits?
的 Inflation Reduction Act expanded many existing credits that will affect individuals, 企业, 免税机构, 以及政府机构. 上个月, we talked about the Energy Efficient 推荐最近最火的赌博软件 Improvement Credit, which is reserved for installations of things like water heaters, 外部门窗, and heating and air conditioning units in homes. You may qualify for a tax credit up to $3,200 (Part II of Form 5695 is required).
的re are others, including the Clean Vehicle Tax Credit. This credit for purchasing electric vehicles has existed since 2008, but its requirements changed under the IRA, making it harder to qualify for. 信用额度从2美元起,500-7,500, depending on a lot of things, including battery capacity and the geographical location where minerals and battery components are lined and manufactured. Vehicles placed in service before 2023 may also be eligible. 你可以在这里了解更多.
If you’re a business or tax-exempt organization and you purchase a qualified commercial clean vehicle, you may qualify for a tax credit of up to $40,000. 的 Commercial Clean Vehicle Credit does not limit the number of vehicles you can claim, but this is a nonrefundable credit. That is, you can’t claim more than the total that you owe in taxes. 写这篇文章时, the IRS has not yet produced a form for this credit, but it should be available by filing time. You can get more information here.
You may be able to claim up to a $7,500 tax credit for buying an electric vehicle.
更多国税局执法
Using the funding made available by the Inflation Reduction Act, the IRS will also be taking steps to ensure that high-income earners pay all the taxes they owe. In the last several months, IRS Criminal Investigation has closed numerous cases. Wealthy taxpayers have been sentenced for tax evasion, 洗钱, and filing false tax returns, 根据机构的说法.
Are You Preparing for 2023 Income Taxes Even Now?
If you’ve made a habit of thinking about how your income and expenses will affect your 2023 taxes throughout the year, 你走在了前面. At the very least (and especially if you’re self-employed or own a small business), you should be creating regular reports on what’s you’re taking in and spending. If you don’t know where to start with this, though, let us know. We can provide guidance on year-round tax planning and even prepare your taxes when that time rolls around.
