Getting Ready to File Your 2023 Tax Returns

Taxpayers should be sure to start taking a few steps that will help them prepare for filing their returns next year. By taking these steps earlier in the filing process, taxpayers can have the information and paperwork they need to file their returns faster and more accurately.

Organize and Update Your Tax Records 

Gathering and organizing your tax records is one important step that you can take to prepare for tax season. Doing so makes it easier to prepare an accurate tax return, making it a lot less likely that you’ll make a mistake that could end up costing you a deduction, tax credit, or timely refund. Be sure to gather copies of your W-2 forms, as well as Forms 1099 and any other income-related documents that you’ll need to file your return. It’s also a good idea to update your records at this point, which could include everything from notifying the IRS of a change in address to making a legal name change with the Social Security Administration.

Check Your Income Withholding

 Another thing you can do to prepare for the submission of your 2023 taxes is to check your income withholding. This amount is withheld from your paycheck by your employer to cover the cost of employment taxes and Social Security. These amounts do, however, need to be changed over time after major life events, like a marriage, divorce, or birth of a child. Taking on a second job or supplementing your income with self-employment could also require an adjustment of the amount you withhold from your paycheck. To change your federal tax withholding, you’ll need to update it with your employer, either online or by submitting a new Form W-4. Be sure to make these changes as soon as possible, so that your employer’s payroll system has time to make the changes before tax season.

Sign Up for Direct Deposit 

Direct deposit is one of the quickest ways to get a refund, as it allows the IRS to deposit funds directly into a bank account, banking application, or reloadable debit card. Generally, taxpayers who request a refund in the form of a paper check can expect to encounter more issues when it comes to getting their refund, as late receipt and even theft are more common. However, to make use of direct deposit, you’ll need to provide the IRS with certain details, including your routing and account information.

Work with a Tax Professional 

If you have a complicated tax situation, or even questions about refunds, credits, or deductibles, working with a tax professional can be extremely helpful in resolving your issues. You can work with a certified public accountant, an IRS agent, or an experienced attorney, all of whom can help you prepare and accurately file your returns next year. For help with your own tax issues, please call CPA, former FBI Special Agent, and Florida tax return preparation lawyer Ronald Cutler, P.A. at 386-490-9949 today.

Sources: 

irs.gov/newsroom/tax-season-rapidly-approaching-get-ready-now-to-file-2023-federal-income-tax-returns-in-early-2024

irs.gov/newsroom/choosing-a-reputable-tax-preparer-is-vital-to-tax-security