BluPeak Credit Union Details Whats New for Tax Filers in 2023

By Heath Fellows.
Updated Mar 29, 2023

SAN DIEGO (PRWEB) March 29, 2023 - The April 18th tax deadline is fast approaching and for those who havent filed their 2022 taxes yet, there are some important updates to keep in mind. BluPeak Credit Union has compiled some of the most notable revisions, including deadline extensions for some Californians in the wake of severe winter weather, as well as changes to tax-credit rules, and the introduction of reporting requirements for business transactions on apps like Venmo and Paypal.

The IRS has implemented several changes that may impact your tax return for 2022, said BluPeak Senior Vice President and Chief Risk Officer Charlie Williams. Tax payers should be aware of these changes as they get down to filing their taxes. You may receive your refund faster if you file your tax return before the deadline, allowing you to put that money into a savings account or term certificate with todays relatively higher interest rates. You will also reduce this type of identity-theft risk since filing your tax return early gives identity thieves less time to file a fraudulent return in your name.

Deadlines extended for Californians To help alleviate some of the hardships many Californians have faced due to this winters intense storms, both the IRS and the states Franchise Tax Board have extended the tax filing and payment deadlines for individuals and businesses in affected areas to October 16, 2023.

Changes to tax-credit rules The American Rescue Plan Act, enacted in 2021, temporarily increased certain tax credits and added a special rule for charitable deductions. With these programs now ending, you should check eligibility rules and deduction amounts to see what's currently available. As outlined by Experian, some changes to keep in mind include:

Pause on business payments by app If you run a business and rely on apps like Venmo and Paypal as a way for customers to pay you, you likely heard about a new law that will require third-party payment companies to report transactions to the IRS using Form 1099-K. This would apply to business-account holders on the apps who received at least $600 in payments in 2022up from the threshold of $20,000 in 2021.

Businesses on these payment platforms arent required to report income from a 1099-K form for the 2022 tax year. However, you must still report on your tax return income any money received from self-employment, gig work, sales of goods or other business transactions.

Best practices to implement when filing taxes

-Not be eligible to participate in a company retirement plan -Be eligible but have an adjusted gross income of $68,000 individually or $109,000 or less as a married couple filing jointly

About BluPeak Credit Union Founded in 1936, BluPeak Credit Union empowers its nearly 60,000 members to achieve financial wellness through a full range of financial products and services, including checking and savings options, credit cards, loans, mortgages and more. BluPeak has more than $1.2 billion in assets and members can access their accounts through six California branches, nearly 30,000 surcharge-free ATMs nationwide, and 24/7 online and mobile banking.

BluPeak membership is open to all Californians who live, work or worship in Alameda, Sacramento, San Diego, Santa Clara and Yolo counties, as well as those employed by the state of California, and California university employees and students. Formerly known as University & State Employees Credit Union (USECU), the name changed to BluPeak in 2022. The new name reflects BluPeaks California roots and is more inclusive to its field of membership.

As a purpose-driven financial institution, BluPeak supports access to clean water as a means of bridging socioeconomic gaps and providing aid to those in need. It has committed to donating 1% of its 2023 revenues to water-related causes. Learn more at http://www.blupeak.com.