The IRS continues to provide tips to help tax professionals and taxpayers as we approach the 2023 tax filing season. The agency provides a page to help taxpayers “get a jump” on their 2023 taxes, which is updated periodically. Professionals struggling with late and unprepared clients – the top challenge that firms reported struggling with in 2022, according to our 2022 Annual […]
What is a Form W-4? A W-4 form, formally titled “Employee’s Withholding Certificate,” is an IRS form that tells employers how much tax to withhold from each paycheck. Employers use the W-4 to calculate certain payroll taxes and remit the taxes to the IRS and the state (if applicable) on behalf of employees. You do not have to fill out […]
here are seven federal tax brackets for the 2022 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status. 2022 federal income tax brackets (for taxes due in April 2023) Single filers Tax rate Taxable income bracket Tax owed 10% $0 to $10,275. 10% of taxable income. 12% $10,276 to […]
The IRS continues to provide tips to help tax professionals and taxpayers as we approach the 2023 tax filing season. The agency provides a page to help taxpayers “get a jump” on their 2023 taxes, which is updated periodically. Professionals struggling with late and unprepared clients – the top challenge that firms reported struggling with in 2022, according to our 2022 Annual […]
What is a Form W-4? A W-4 form, formally titled “Employee’s Withholding Certificate,” is an IRS form that tells employers how much tax to withhold from each paycheck. Employers use the W-4 to calculate certain payroll taxes and remit the taxes to the IRS and the state (if applicable) on behalf of employees. You do not have to fill out […]
here are seven federal tax brackets for the 2022 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket depends on your taxable income and filing status. 2022 federal income tax brackets (for taxes due in April 2023) Single filers Tax rate Taxable income bracket Tax owed 10% $0 to $10,275. 10% of taxable income. 12% $10,276 to […]
What’s new and what to consider for the 2023 tax-filing season
The IRS continues to provide tips to help tax professionals and taxpayers as we approach the 2023 tax filing season. The agency provides a page to help taxpayers “get a jump” on their 2023 taxes, which is updated periodically. Professionals struggling with late and unprepared clients – the top challenge that firms reported struggling with in 2022, according to our 2022 Annual Accounting Industry Survey – could leverage the IRS website to help reduce this challenge during the 2023 tax season.
In addition to the IRS website, here is a compilation of what’s new – and key items to consider – as you prepare for the 2023 filing season.
For tax year 2022, a single transaction exceeding $600 can require the third-party platform to issue a 1099-K. The net effect of this change is that many more taxpayers will receive 1099-Ks.
Advice for tax pros: prepare clients who may be impacted by this change now to preempt panicked phone calls when these 1099-Ks start rolling in. Also important is reassuring clients that cash received through third-party payment networks from friends and relatives as personal gifts or reimbursement for personal expenses is not taxable.
Some tax credits have returned to 2019 levels.
Many of the pandemic-era and ARPA credits expired at the end of 2021, so many tax credits have returned to pre-pandemic levels. Impacted credits include the Child Tax Credit (CTC), Earned Income Tax Credit (EITC), and Child and Dependent Care Credit. Due to these changes, many taxpayers will likely receive a significantly smaller refund compared with the previous tax year.
Examples of changes include:
Taxpayers who received $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year.
For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now receive $500 in 2022.
The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021.
Advice for tax pros: if you haven’t already had conversations with clients who these changes may have impacted, do so now to prevent conversations about why refunds have deceased – or payment amounts have increased – after the client’s taxes have been prepared.
In 2022, there are no above-the-line charitable deductions.
During COVID, taxpayers could take up to a $600 charitable donation tax deduction on their tax returns. That change has expired, so in 2022, those who take a standard deduction may NOT take an above-the-line deduction for charitable donations.
Advice for tax pros: the expiration has not been well-communicated, and many taxpayers believe that the above-the-line deduction continues to be available to those taking the standard deduction. Communicate this change with clients, so they are prepared for the change.
The Premium Tax Credit is still available – and may be available to more taxpayers.
The premium tax credit– also known as PTC – is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace.
For tax years 2021 and 2022, the (ARPA) temporarily expanded the premium tax credit eligibility, eliminating the rule that a taxpayer with household income above 400% of the federal poverty line cannot qualify for a premium tax credit.
Advice for tax pros: review your files to determine clients who may qualify for the expanded credit.
Eligibility rules to claim a tax credit for clean vehicles has changed.
The passing of the Inflation Reduction Act of 2022 (IRA) has shaken up electric/clean vehicles with multiple – and detailed – changes. Tax credits available under section 30D (EV credit) for purchasing a new electric vehicle after August 16, 2022 (when the Inflation Reduction Act of 2022 was enacted) are generally available only for qualifying electric vehicles for which final assembly occurred in North America.
Note that because some models are built in multiple locations, vehicles on the Department of Energy list may not meet the final assembly requirement in all circumstances.
Advice for tax pros: Review the changes under the IRA to understand who – and what – qualifies for a clean vehicle credit, and advise your clients to do the same before purchasing a vehicle while relying on the clean vehicle credit.
Look for more guidance on how to get ready for the tax filing 2023 season in the next few weeks.
This mode enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
Visually Impaired Mode
Improves website's visuals
This mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
Cognitive Disability Mode
Helps to focus on specific content
This mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
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Reduces distractions and improve focus
This mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
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Allows using the site with your screen-reader
This mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
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Letter Spacing
Default
Left Aligned
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Accessibility Statement
newyorktaxfactory.com
December 4, 2024
Compliance status
We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience,
regardless of circumstance and ability.
To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level.
These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible
to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.
This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific
disabilities to adjust the website’s UI (user interface) and design it to their personal needs.
Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML,
adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.
If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email
Screen-reader and keyboard navigation
Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with
screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive
a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements,
alongside console screenshots of code examples:
Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website.
In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels;
descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups),
and others. Additionally, the background process scans all of the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag
for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology.
To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on
as soon as they enter the website.
These adjustments are compatible with all popular screen readers, including JAWS and NVDA.
Keyboard navigation optimization: The background process also adjusts the website’s HTML, and adds various behaviors using JavaScript code to make the website operable by the keyboard. This includes the ability to navigate the website using the Tab and Shift+Tab keys, operate dropdowns with the arrow keys, close them with Esc, trigger buttons and links using the Enter key, navigate between radio and checkbox elements using the arrow keys, and fill them in with the Spacebar or Enter key.Additionally, keyboard users will find quick-navigation and content-skip menus, available at any time by clicking Alt+1, or as the first elements of the site while navigating with the keyboard. The background process also handles triggered popups by moving the keyboard focus towards them as soon as they appear, and not allow the focus drift outside of it.
Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Disability profiles supported in our website
Epilepsy Safe Mode: this profile enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
Visually Impaired Mode: this mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
Cognitive Disability Mode: this mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
ADHD Friendly Mode: this mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
Blindness Mode: this mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
Keyboard Navigation Profile (Motor-Impaired): this profile enables motor-impaired persons to operate the website using the keyboard Tab, Shift+Tab, and the Enter keys. Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Additional UI, design, and readability adjustments
Font adjustments – users, can increase and decrease its size, change its family (type), adjust the spacing, alignment, line height, and more.
Color adjustments – users can select various color contrast profiles such as light, dark, inverted, and monochrome. Additionally, users can swap color schemes of titles, texts, and backgrounds, with over 7 different coloring options.
Animations – epileptic users can stop all running animations with the click of a button. Animations controlled by the interface include videos, GIFs, and CSS flashing transitions.
Content highlighting – users can choose to emphasize important elements such as links and titles. They can also choose to highlight focused or hovered elements only.
Audio muting – users with hearing devices may experience headaches or other issues due to automatic audio playing. This option lets users mute the entire website instantly.
Cognitive disorders – we utilize a search engine that is linked to Wikipedia and Wiktionary, allowing people with cognitive disorders to decipher meanings of phrases, initials, slang, and others.
Additional functions – we provide users the option to change cursor color and size, use a printing mode, enable a virtual keyboard, and many other functions.
Browser and assistive technology compatibility
We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers), both for Windows and for MAC users.
Notes, comments, and feedback
Despite our very best efforts to allow anybody to adjust the website to their needs, there may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to