Deal Finder: Tips for the upcoming 2023 Tax Season

Tax season has arrived, and the countdown has started for taxpayers to file their federal and state income taxes by the deadline.

It’s important for taxpayers to be informed of the latest tax information and seek the assistance of experienced tax preparers if they choose to get help with filing their tax returns. This will prevent tax issues and costly problems with the Internal Revenue Service (IRS) later on.

To help readers file their taxes successfully, Chuck Johnson, a certified public accountant with offices at 560 Newnan Crossing Bypass, Suite 125, in Newnan, offers some tax tips for the 2023 tax season:

Q: What are the biggest changes that taxpayers can expect for the 2023 tax season?

A: Not very many, if any, big changes. Tax rates were changed for inflation. The standard deduction for all filers was increased. The Child Tax Credit was reduced for 2022.

Q: Is there anything else that taxpayers need to know about the 2023 tax season?

A: File early, file electronically. If you are getting a refund, choose direct deposit versus getting a check. Much quicker and much safer.

Q: When does tax season end?

A: Tuesday, April 18th

Q: Are there new income tax brackets and standard deductions for the 2023 tax year?

A: Tax brackets changed for inflation. The standard deduction for single filers is $12,950, married filers is $25,900, head of household filers is $19,400 and married filing separate filers is $12,950.

Q: Do these changes apply to tax returns filed in 2023 or 2024?

A: These changes are for the 2022 tax returns. These will adjust again next year.

Q: Are there now higher contribution limits for retirement accounts?

A: In 2022, the IRA max is $6,000 and $7,000 if 50 or over. In 2023, the IRA max is $6,500 and $7,500 if 50 and over. The 401(k) max in 2022 was $20,500, and if 50 and over the max was $27,000. In 2023, the 401(k) max is $22,500, and the 50 and over max is $30,000.

Q: Are there mileage rate and FSA contribution limit increases for the 2023 tax year?

A: The 2023 mileage rate has increased to 65.5 cents per mile. The maximum HSA contribution amounts for 2023 are $3,650 for self-only coverage and $7,300 for family coverage.

Q: Do you have any additional tax tips or advice for readers?

A: The main tip is file as soon as you have all of your tax documents, e-file your return, and if you are due a refund, choose direct deposit for that refund.

MLS #10094129

MLS #20005781

24+/- ACRES ON POPLAR ROAD AT YEAGER ROAD INTERSECTION. Already zoned C-6 with water and sewer. Ideal for multiuse development. $7,000,000 for all or will consider subdividing front 5 acres for $500,000 per acre and back 19+/- acres for $250,000 per acre. Frank / Chip.

MLS #10120310

HURRY ON THIS 14.41+/- WOODED ACRE TRACT ON US HWY 29 approximately 5 miles north of Newnan! 819.25’ Road frontage. Small pond. Ideal for development, church, school, estate size lot or possible subdivision. $599,900. Frank / Chip.

MLS #10110852

2 VACANT BUILDING LOTS IN WEST COWETA COUNTY with county water and electricity available. Country setting on East Coggin but easy access to Newnan, Franklin, and Carrollton. $60,000 per lot. Frank and Jess.

MLS #10021670

12 CHOICE BUILDING LOTS IN GRANTVILLE. BULK SALE ONLY. Easy access to I-85, Atlanta, Newnan, LaGrange and Columbus. Seller will only sell as a bundle, not individual lots. $420,000. Frank/Jess.

LOTS/LAND

3 VACANT LOTS IN ASHLEY WOODS. Subject to Covenants & Restrictions of record. Nicely wooded lots. No HOA. Possible bsmt lots. Lots 15, 16 & 17 are available for $29,900 each. Frank.

MLS #10110540

NEW CONSTRUCTION IN NEWNAN! 4BR/3BA CRAFTSMAN style ranch on 1.57+/- Ac w/easy access to downtown Newnan & I-85. Open floor plan in quiet rural setting. Bldr is offering $2,000 in closing costs & an interest rate buy down w/preferred lender. Estimated completion – March 2023. $420,000. Jess.

POTENTIAL COMMERCIAL LOT in choice Highway 34E Corridor! Excellent opportunity with high traffic count. Easy access to I-85 and Peachtree City! $49,900. Jess / Frank.

SOLD! SOLD!

MLS #10119008

GREAT OPPORTUNITY IN HISTORIC NEWNAN! Level

SITE OF PROPOSED NEW INTERCHANGE ON I-85 NORTH OF NEWNAN 255 Acres on I- 85 North of Newnan. Between 2 Industrial parks, 27-acre Lake. All utilities available $70,000 per acre Frank owner/agent.

MLS #10101800

109 RESIDENTIAL LOTS IN MANCHESTER, GA! Manchester city water, sewer & electricity available. Schools nearby! Walk to downtown Manchester. $30,000 per lot. BULK SALE ONLY.

Frank/Jess

LOTS/LAND

2 WOODED VACANT LOTS in West Coweta on East Coggins Road. Easy access to Newnan, Franklin or Carrollton. $60,000 per lot. Frank/Jess.

RESIDENTIAL LOT ON BERRY AVENUE IN TOWN. All utilities available. $29,900 Frank.

6.47 ACRES ZONED GENERAL COMMERCIAL! Convenient to Hwy 34 Bypass & downtown Newnan. Great opportunity for many potential uses. New Price $499,000. Frank and Chip

LOTS/LAND

12 CHOICE BUILDING LOTS in Grantville. Easy access to I-85, Atlanta, Newnan, LaGrange and Columbus. Sold ‘as is’. $420,000 Bulk Sale Only. Frank/Jess.

Residential Lot within walking distance to Atkinson Elementary and Newnan High School. Build your dream home! $85,000. Jess. SOLD! SOLD!

AMLAJACK 255.5+/- ACRES WITH HALF MILE FRONTAGE ON I-85 between 2 industrial parks. $17,890,600. Frank.

VACANT LOTS IN ASHLEY WOODS SUBDIVISION. Subject to Covenants and Restrictions of record. Nicely wooded lots. Possible basement lot. Lots 15, 16 & 17 are listed and priced individually at $29,900 each. Frank.

NEW POPLAR

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