It’s Almost Tax Time: Review Your Situation

Tax law is never simple. But you can prepare for your April 15 reckoning by reviewing the past year and seeing what’s coming. And the first thing to know is that April 15 is actually not April 15 in 2023. Because of the weekend and a holiday, you have until April 18 in 2023. Still, the IRS and tax professionals urge early filing.

Here are some other key items.

Social Security: According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month starting in January. The SSA will send notices throughout the month of December to retirement, survivors and disability beneficiaries; SSI recipients; and representative payees. Those who want to find out their new benefit sooner can do so through their personal SSA account. If you don’t have one already, you can sign up online.