Tax and License

Take a look at the advice provided by your neighborhood Tax Preparer if you are trying to get a jump on the 2023 tax season. All working citizens, whether domestic or foreign, are required to file taxes, and doing so efficiently requires thought and planning.

The April 15th deadline for filing extensions marked the end of the 2022 tax season for certain taxpayers. If you start early enough next year, you might be able to finish your taxes before the April deadline. If you can get your paperwork ready now, you won’t have to worry about filing your taxes for the rest of the year, even if there is no grace period for paying your obligations. The next tax season is coming up, so here are some things you can do to get ready.

• If you live paycheck to paycheck all year but get a hefty tax return in the spring. By adjusting your withholdings, you can spread your yearly income out more evenly.
• The first step in preparing your taxes for 2022 is to find the paperwork you used in 2021 and organize it into a new folder. Don’t forget to add any relevant receipts to your saved file. Place them in chronological and descriptive order. If you don’t want your next few months’ worths of bills and receipts to get lost in the mix of holiday paperwork, have some extra envelopes and file folders on hand. The more you can do in advance to get ready for the holidays, the more organized you will be once they begin.
• Check your pay stubs to make sure your employer has been withholding the appropriate amount of money. There is time to get things fixed if you uncover an error and report it to your employer. Stress on both you and your company will increase if you wait until the last minute to make changes to your taxes.
• Prepare for tax time by contacting a tax professional in your area. Using a professional tax preparer can alleviate stress, so if you’ve come to that conclusion, it’s time to begin your search.
• You have a little over two months to send in your final donation for 2022. You can save money by paying your mortgage or property taxes early and then subtracting that amount from your taxable income. If you want to make the most of tax deductions, your tax preparer can point you in the correct route.
• Keep an eye on any changes that may be made to tax regulations. With tax credits expiring and possible new laws being passed, this election year will be exciting right up to the very end. Continue learning as much as you can. Current information and announcements from the IRS can be found on their website.

Your individual tax situation is unique, and your tax preparer can tailor a strategy to minimize your tax bill while maximizing your refund.

Read: Making the Right Choice for US Taxpayers