Welcome to the SRJ Consulting Tax Blog!

SRJ Consulting is known for its proficiency in income tax preparation and representation before the IRS.

Based in Chicago, SRJ Consulting provides a comprehensive range of services, including income tax preparation, IRS audit defense, IRS appeals, penalty abatement, unfiled tax returns, and consulting services.

Staying informed about tax law changes is crucial for every taxpayer. Fortunately, the official website provides a Tax Reform Page, which highlights the tax law changes.  For a detailed understanding, you can access IRS Publication 17, Your Federal Income Tax, here.

Please remember that this blog serves informational and educational purposes and should not be interpreted as personalized tax advice. It’s always advisable to consult a tax professional before making any significant decisions.

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2023 Tax Updates: Important Changes

With the frequent changes in tax laws and regulations, it’s critical to stay current on tax changes for the 2023 tax year. 1. Standard deduction In 2023, the standard deduction amounts have increased. Married couples filing jointly now get $27,700, with an additional $1,500 for each spouse aged 65 or older. Single filers have a standard deduction of $13,850, which increases to $15,700 for those 65 or older. Head-of-household filers can claim $20,800, plus an extra $1,850 after turning 65.

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New Tax

Tax Law Changes Impacting 2022 Tax Returns

Here’s a look at what to expect when you file your 2022 tax return (taxes filed in 2023).  No additional stimulus payments. Unlike 2020 and 2021, there were no new stimulus payments for 2022 so taxpayers should not expect to get an additional payment in their 2023 tax refund. Child tax credit (CTC): the child tax credit reverted back to $2,000 per eligible child for the 2022 tax year. Who Qualifies for CTC:To be a qualifying child for the 2022

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The American Rescue Plan Act of 2021

The American Rescue Plan Act of 2021 The American Rescue Plan Act of 2021 is a COVID-19 relief bill signed into law on March 11, 2021, by President Biden. The bill provides a wide range of measures aimed at providing financial support and assistance to individuals, families, businesses, and communities affected by the COVID-19 pandemic.  $1,400 stimulus payment: Each eligible individual in your household should receive $1,400. Eligible individuals include: You, as an individual taxpayer Your spouse (if you are

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Can I claim my friend as my dependent?

If ALL of the statements below are true, you can claim a boyfriend, girlfriend, domestic partner, or friend as your dependent on your tax return: Relationship: The person lives in your home for the entire year as a member of your household. Income:  Earned less than $4,400 in gross income in 2022 (not including Social Security and welfare)  Support: You must provide more than half the person’s total support during the year. Support includes money spent for food, shelter, clothing,

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How can married couples hold property?

There are several ways of owning property after marriage, but keep in mind that they may vary from state to state. Here are the most common: Sole Tenancy. Ownership by one individual. At death the property passes according to your will. Joint Tenancy, with right of survivorship. Both spouses have equal ownership and an undivided interest in the property. Upon the death of one spouse, the property automatically transfers to the surviving spouse.This is an effective way of avoiding probate.

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What papers will I need if a family member dies?

Here is a list that you can use: Certified copies of the death certificate (at least 10). You can purchase them through the funeral director or directly from the County Health Department. Copies of all insurance policies, which may be located in the deceased’s safe deposit box or among his or her personal belongings. Social Security numbers of the deceased, the spouse, and any dependent children. Military discharge papers, if the deceased was a veteran. If you cannot find a

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How to get my Social Security Statement?

Online: At least once each year, you should log on to the “my Social Security” website and download a copy of your Social Security Statement to review your earnings history and verify those earnings with your tax return figures.  To see your Statement online anytime, create a “my Social Security account” at There is no fee to create a “my Social Security” account, but you must have an email address. By postal mail: You can request a paper copy of your

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How can I check my credit report?

You can check your credit report by following these steps: Obtain a free copy: By law, you are entitled to one free credit report per year from each of the three major credit bureaus: Equifax, Experian, and TransUnion. You can request your free reports at Purchase a report: You can purchase a credit report from the credit bureaus or from a credit monitoring service. These reports may include additional information not provided in the free reports. Monitor your credit

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Whom should I notify of a new address?

When you move to a new address, you should notify the following: Note: the list is not all-inclusive: the IRS using Form 8822 state and local taxing authorities The U.S. Post Office: You can forward your mail to your new address by filling out a change-of-address form at your local post office or online at the U.S. Postal Service website. Insurance agents (home, auto, and life) Debtors and creditors-mortgage holders, car lien holders, other lenders Credit card companies Publications Clubs

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What records to keep when giving donations to a charity?

You can take a tax deduction for any money or property you donate to a qualified charitable organization (not to individuals and political organizations). Charitable nonprofit organizations have to apply to the IRS to become “qualified.” Donation (contribution) more than $250 in cash or by check or credit card are not tax deductible unless proved by one of the following: A bank record that shows the name of the qualified organization, the date of the contribution, and the amount of

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Why e-file and choose direct deposit?

You can e-file (electronically file) your federal and state tax returns. Most tax preparers must e-file their clients’ tax returns. E-filing is not only fast, but it is also safe, convenient, and virtually error-free. By combining e-file and direct deposit, you neither need to worry about your check getting lost in the postal mail nor do you need to go to your bank to deposit it.  Tax return errors delay refunds and to avoid them is to e-file. Electronic filing (e-file) with Direct

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