How to prepare your taxes in 2023…
After the holidays and having some well-deserved rest period, it's time to get back in control of your finances. With tax season here, we know it can become a real headache if you don't take the proper precautions ahead of time. That's why this blog will serve as a basic guide to help you prepare for your taxes in 2023.
The first thing you should take into consideration (write it down in your calendar!) is that the deadline to file your tax return this year is Tuesday, April 18, 2023.
Once you have this in mind, you must make the decision (if you haven't already) whether to do this laborious process yourself or hire a team of experts to do it for you. If you prefer the latter, there is still time to do so - don't wait until March to start looking for someone to help you! At Core CPAs & Advisors we are ready for you today.
The IRS recommends a series of steps to make taxes a simple process for everyone:
Create or access your account information at IRS.gov/account
The government pages are constantly updated so that the information you need gets to you in advance about your federal tax account.
Gather and organize your tax records
Organization is the key to successfully navigating these processes, as it helps avoid mistakes that can cause delays, as well as help you find deductions you may have overlooked.
Check your Individual Taxpayer Identification Number (ITIN)
You will need to renew it if it has expired and if it is needed on a federal tax return.
Make sure you have withheld enough tax
The IRS recommends that you adjust your withholding if you owed taxes or if you received a large refund when you filed.
Speed up your tax refund with direct deposit into your bank account