Are you looking for a simple, easy way to set yourself up for success when it comes to filing your taxes for 2023? Whether you’re looking to outsource your tax filings or complete the job yourself, look no further, Southern Payroll & Bookkeeping’s got you covered!
Here are a few things to keep in mind this year in regards to your tax filings:
- Prepare early to avoid delays. If your tax return is filed with a single W-2 and the typical deductions, go ahead and get it done early via electronic file. This will help you avoid possible delays when you set up a direct deposit with the IRS. If you are filing a more complicated return, go ahead and start gathering your information and reach out for help sooner rather than later. Starting the process sooner rather than later will give you the opportunity to have more time to gather missing information or find a qualified tax professional (like ours here at SPB)!
- Make sure that you are filing an accurate return. The IRS will always continue to check all of the information that is provided. If anything is different from the information that the IRS already has on file, it could be flagged for a manual review, which could delay your refund. To get a free copy of your transcripts that the IRS has on file, visit https://www.irs.gov/individuals/get-transcript.
3. If you plan on needing an extension, apply for one now. If you already know that you won’t be able to gather all of your information that is necessary to file by the April 18th deadline, filing for an extension could move your file-by date to October 18th. To avoid penalties and interest, make sure that you are staying up-to-date and paying an estimate of the taxes that you owe.
4. Count your side-hustles as income. It is very important to file any and all income from the year. If you are self-employed, there are many different deductions that you can look into. Business filings can be more complicated though, so we recommend reaching out to a tax professional for help.
5. Stay in-the-know when it comes to new rules on credits and deductions. Keeping up with these two things can easily reduce your tax bill or increase your refund check. With the temporary Covid-19 benefits coming to an end, it is in your best interest to read up on the updated eligibility rules and deduction amounts.