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When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks.

You can check on the status of your refund by clicking on the links below.

Check your Federal Refund... click here
Check your State Refund... click here
December 12 Employees - who work for tips. If you received $20 or more in tips during November, report them to your employer. You can use Form 4070.
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December 15 Corporations - Deposit the fourth installment of estimated income tax for 2022. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
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  Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in November.
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  Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in November.

2022 Tax Rates - Single Taxpayers - Standard Deduction $12,950

10%

0 to $10,275

12%

$10,275 to $41,775

22%

$41,775 to $89,075

24%

$89,075 to $170,050

32%

$170,050 to $215,950

35%

$215,950 to $539,900

37%

Over $539,900

2022 Tax Rates - Married Jointly & Surviving Spouses - Standard Deduction $25,900

10%

0 to $20,550

12%

$20,550 to $83,550

22%

$83,550 to $178,150

24%

$178,150 to $340,100

32%

$340,100 to $431,900

35%

$431,900 to $647,850

37%

Over $647,850

2022 Tax Rates - Married Filing Separately - Standard Deduction $12,950

10%

0 to $10,275

12%

$10,275 to $41,775

22%

$41,775 to $89,075

24%

$89,075 to $170,050

32%

$170,050 to $215,950

35%

$215,950 to $323,925

37%

Over $323,925

2022 Tax Rates - Head of Household - Standard Deduction $19,400

10%

0 to $14,650

12%

$14,650 to $55,900

22%

$55,900 to $89,050

24%

$89,050 to $170,050

32%

$170,050 to $215,950

35%

$215,950 to $539,900

37%

Over $539,900

2022 Tax Rates - Estates & Trusts

10%

0 to $2,750

24%

$2,750 to $9,850

35%

$9,850 to $13,450

37%

Over $13,450

Social Security

2022 Tax Rates

Social Security Tax Rate: Employers

6.2%

Social Security Tax Rate: Employees

6.2%

Social Security Tax Rate: Self-Employed

15.3%

Maximum Taxable Earnings

$147,000

Medicare Base Salary

Unlimited

Medicare Tax Rate: Employers

1.45%

Medicare Tax Rate: Employees

1.45%

Additional Medicare Tax for income above $200,000 (single filers) or $250,000 (joint filers)

0.9%

Medicare tax on net investment income ($200,000 single filers, $250,000 joint filers)

3.8%

Miscellaneous

2022 Tax Rates

Business expensing limit: Cap on equipment purchases

$2,700,000

Business expensing limit: New and Used Equipment and Software

$1,080,000

Qualified Business Income threshold amount:

$170,050 (single and head of household); $340,100 (married filing joint return)

Qualified Small Employer Health Reimbursement Arrangement limit:

$5,450 (single coverage); $11,050 (family coverage)

Prior-year safe harbor for estimated taxes of higher-income

110% of your 2021 tax liability

Standard mileage rate for business driving

62.5 (July 1-December 31, 2022) and 58.5 (January 1-June 30, 2022)

Standard mileage rate for medical driving

22 (July 1-December 31, 2022) and 18 (January 1-June 30, 2022)

Standard mileage rate for moving driving - Members of the Armed Forces on active duty who move because of a permanent change of station

22 (July 1-December 31, 2022) and 18 (January 1-June 30, 2022)

Standard mileage rate for charitable driving

14

Child Tax Credit

$3,000 to $3,600

Unearned income maximum for children under 19 before kiddie tax applies

$1,150

Maximum capital gains tax rate for taxpayers with income up to $41,675 for single filers, $83,350 for married filing jointly

0%

Maximum capital gains tax rate for taxpayers with income $41,675 to $459,750 for single filers, $83,350 to $517,200 for married filing jointly

15%

Maximum capital gains tax rate for taxpayers with income above $459,750 for single filers, $517,200 for married filing jointly

20%

Capital gains tax rate for unrecaptured Sec. 1250 gains

25%

Capital gains tax rate on collectibles

28%

Maximum contribution for Traditional/Roth IRA

$6,000 if under age 50
$7,000 if 50 or older

Maximum employee contribution to SIMPLE IRA

$14,000 if under age 50
$17,000 if 50 or older

Maximum Contribution to SEP IRA

25% of eligible compensation
up to $61,000

401(k) maximum employee contribution limit

$20,500 if under age 50
$27,000 if 50 or older

Estate tax exemption

$12,060,000

Annual Exclusion for Gifts

$16,000

Education

2022 Tax Rates

American Opportunity Credit (per student)

$2,500

Lifetime Learning Credit (per return)

$2,000

Student Loan Interest Deduction

$2,500

Coverdell Education Savings Account Contribution

$2,000

Source: IRS Revenue Procedure 2021-45

 
  

Standard Meal Rates for Family Child Care Providers for income tax returns

Continental U.S.

2022-23 Tax Rates (July 1, 2022-June 30, 2023)

For each breakfast

$1.66

For each lunch or supper

$3.04

For each snack (up to 3 per day for each child)

$0.97

Alaska

2022-23 Tax Rates (July 1, 2022-June 30, 2023)

For each breakfast

$2.59

For each lunch or supper

$4.87

For each snack (up to 3 per day for each child)

$1.52

Hawaii

2022-23 Tax Rates (July 1, 2022-June 30, 2023)

For each breakfast

$1.91

For each lunch or supper

$3.55

For each snack (up to 3 per day for each child)

$1.12

Source: Federal Register

 

Storing tax records: How long is long enough?

Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the "three-year law" and leads many people to believe they're safe provided they retain their documents for this period of time.

However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years in an audit. To be safe, use the following guidelines.

 

Create a Backup Set of Records and Store Them Electronically. Keeping a backup set of records -- including, for example, bank statements, tax returns, insurance policies, etc. -- is easier than ever now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet.

 

Even if the original records are provided only on paper, they can be scanned and converted to a digital format. Once the documents are in electronic form, taxpayers can download them to a backup storage device, such as an external hard drive, or burn them onto a CD or DVD (don't forget to label it).

You might also consider online backup, which is the only way to ensure that data is fully protected. With online backup, files are stored in another region of the country, so that if a hurricane or other natural disaster occurs, documents remain safe.

 

Caution: Identity theft is a serious threat in today's world, and it is important to take every precaution to avoid it. After it is no longer necessary to retain your tax records, financial statements, or any other documents with your personal information, you should dispose of these records by shredding them and not disposing of them by merely throwing them away in the trash.
 

Business Documents To Keep For One Year

  • Correspondence with Customers and Vendors

  • Duplicate Deposit Slips

  • Purchase Orders (other than Purchasing Department copy)

  • Receiving Sheets

  • Requisitions

  • Stenographer's Notebooks

  • Stockroom Withdrawal Forms

Business Documents To Keep For Three Years

  • Employee Personnel Records (after termination)

  • Employment Applications

  • Expired Insurance Policies

  • General Correspondence

  • Internal Audit Reports

  • Internal Reports

  • Petty Cash Vouchers

  • Physical Inventory Tags

  • Savings Bond Registration Records of Employees

  • Time Cards For Hourly Employees

Business Documents To Keep For Six Years

  • Accident Reports, Claims

  • Accounts Payable Ledgers and Schedules

  • Accounts Receivable Ledgers and Schedules

  • Bank Statements and Reconciliations

  • Cancelled Checks

  • Cancelled Stock and Bond Certificates

  • Employment Tax Records

  • Expense Analysis and Expense Distribution Schedules

  • Expired Contracts, Leases

  • Expired Option Records

  • Inventories of Products, Materials, Supplies

  • Invoices to Customers

  • Notes Receivable Ledgers, Schedules

  • Payroll Records and Summaries, including payment to pensioners

  • Plant Cost Ledgers

  • Purchasing Department Copies of Purchase Orders

  • Sales Records

  • Subsidiary Ledgers

  • Time Books

  • Travel and Entertainment Records

  • Vouchers for Payments to Vendors, Employees, etc.

  • Voucher Register, Schedules

Business Records To Keep Forever

While federal guidelines do not require you to keep tax records "forever," in many cases there will be other reasons you'll want to retain these documents indefinitely.
 

  • Audit Reports from CPAs/Accountants

  • Cancelled Checks for Important Payments (especially tax payments)

  • Cash Books, Charts of Accounts

  • Contracts, Leases Currently in Effect

  • Corporate Documents (incorporation, charter, by-laws, etc.)

  • Documents substantiating fixed asset additions

  • Deeds

  • Depreciation Schedules

  • Financial Statements (Year End)

  • General and Private Ledgers, Year End Trial Balances

  • Insurance Records, Current Accident Reports, Claims, Policies

  • Investment Trade Confirmations

  • IRS Revenue Agents' Reports

  • Journals

  • Legal Records, Correspondence and Other Important Matters

  • Minute Books of Directors and Stockholders

  • Mortgages, Bills of Sale

  • Property Appraisals by Outside Appraisers

  • Property Records

  • Retirement and Pension Records

  • Tax Returns and Worksheets

  • Trademark and Patent Registrations

Personal Documents To Keep For One Year

  • Bank Statements

  • Paycheck Stubs (reconcile with W-2)

  • Canceled checks

  • Monthly and quarterly mutual fund and retirement contribution statements (reconcile with year end statement)

Personal Documents To Keep For Three Years

  • Credit Card Statements

  • Medical Bills (in case of insurance disputes) 

  • Utility Records

  • Expired Insurance Policies 

Personal Documents To Keep For Six Years

  • Supporting Documents For Tax Returns

  • Accident Reports and Claims

  • Medical Bills (if tax-related)

  • Property Records / Improvement Receipts

  • Sales Receipts

  • Wage Garnishments

  • Other Tax-Related Bills

Personal Records To Keep Forever

  • CPA Audit Reports

  • Legal Records

  • Important Correspondence

  • Income Tax Returns

  • Income Tax Payment Checks

  • Investment Trade Confirmations

  • Retirement and Pension Records

Special Circumstances

  • Car Records (keep until the car is sold)

  • Credit Card Receipts (keep with your credit card statement)

  • Insurance Policies (keep for the life of the policy)

  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)

  • Pay Stubs (keep until reconciled with your W-2)

  • Property Records / improvement receipts (keep until property sold)

  • Sales Receipts (keep for life of the warranty)

  • Stock and Bond Records (keep for 6 years beyond selling)

  • Warranties and Instructions (keep for the life of the product)

  • Other Bills (keep until payment is verified on the next bill)

  • Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)