Income tax changes are not just federal: what has changed at the state level
HARRISONBURG, Va. (WHSV) - It’s time to file your taxes.
Harrisonburg Commissioner of the Revenue, Karen Rose, said similar to federal income taxes, there are some changes to taxes in the Commonwealth also for the 2023 tax season.
One of the biggest adjustments is the increased standard deduction. This tax season people filing as single will have an $8,000 deduction. Those married filing jointly will have a $16,000 deduction.
Rose said after the federal standard deduction was raised, it was best for Virginia to do the same.
“A lot of people stopped itemizing and whatever you do on your federal [you’re required to do on your state return], so it was causing some to pay in Virginia or reduce their refund,” she said.
An additional option is also now available for the earned income tax credit.
“If you take an earned income credit on your federal return, you can still take it on the Virginia return, but it’s never been able to exceed the amount of taxes you owe, so it was never a refundable one,” she added. Now, it is.
Some new deductions are available as well.
Rose said eligible educators, who worked at least 900 hours in their position in 2022, could receive up to $500 dollars. This works as compensation for buying education-related materials for work with their own money.
Additionally, people 55 and over who receive military benefits can deduct $10,000.
The Commissioner of the Revenues office is available to city residents who may need help or have questions, but they only work with taxes from within the state of Virginia.
“We can accelerate them if there’s a refund up to $1,000 or if it’s tax due we process that and the Treasurer’s office receipts it into a Virginia Department of Taxation account,” Rose said.
She can also help prepare your Virginia returns if your federal returns are already done.
Taxes are due on April 18.
For more Virginia tax information, click here.
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