Jeff Keenan
Welcome to Keenan Tax Service.
Please CLICK HERE for important information for filing your 2023 income taxes.
2023 TAX ISSUES
Some of the important 2023 tax filing issues include:
2023 KEENAN TAX SERVICE
Welcome to Keenan Tax Service.
- 22 years tax filing experience.
- Preparation and planning.
- Over 5,000 hours of tax research.
Please CLICK HERE for important information for filing your 2023 income taxes.
2023 TAX ISSUES
Some of the important 2023 tax filing issues include:
- Minnesota Residents—One-Time Tax Rebate. Eligible taxpayers who received a direct tax rebate ($260 per person) during 2023 will receive a Form 1099-MISC from the Minnesota Department of Revenue. This payment is NOT taxable for Minnesota but is taxable for the IRS. You will see an entry for a deduction on your Minnesota tax return so this amount will not be included in your Minnesota income
- New Rules for Energy Credits. For energy efficient home improvements made in 2023, taxpayers may qualify for a tax credit up to $3,200. Special rules apply for each credit. If you made such improvements, please let me know the details when you submit your tax forms.
- Age Increase for Required Minimum Distributions (RMD). Starting in 2023, the age for the required beginning date for taking mandatory distributions from Traditional IRAs has increased from age 72 to age 73.
- Crypto (Virtual) Currency. As it has been in the past, if you received, sold, bought, or exchanged any virtual currency during 2023, this must be reported on your 2023 tax filing. This is true EVEN IF YOU DID NOT MAKE A PROFIT or if you have bought currency but did not sell it yet. The IRS continues to monitor crypto transactions and have identified this as an tax compliance issue they will be enforcing.
2023 KEENAN TAX SERVICE
- IRS E-signature compliance. If you want to complete your tax filing using e-signature instead of signing paper forms, you can do so. However, IRS compliance requires that we use a Knowledge-Based Authentication system (KBA). The KBA will ask you knowledge-based questions that only you will know the answers to (similar to questions you need to answer if you login to the Social Security website). If you wish to do an electronic signature, please let me know when you send your tax documents. There is an additional charge of $5 per tax return packet. E-signature is not required and taxpayers can still submit a print-and-sign documents