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How to Make Your 2023 Tax Preparation Easy

Tax time can be stressful and overwhelming. There is a lot of information to know, gather, organize and submit all within a short time period. The last thing you want to do is forget something, make a mistake or submit late as you could then be subject to potentially harsh penalties. Everyone’s tax situation and preparation will look a little different, depending on factors such as your filing status, employment status or dependents. Don’t worry – no matter how complicated or simple your tax situation is, this guide will make tax preparation easier!

1. Know the deadline

The IRS begins accepting and processing federal tax returns on January 23, 2023. The tax filing deadline this year for federal income taxes is April 18, 2023. You might be thinking, isn’t it always April 15th? That is correct but this year April 15 falls on the Emancipation Day holiday in the District of Columbia, so this year the deadline is April 18th.

Don’t forget – you may also need to file state or local taxes! Be sure to check the tax filing deadline for your state or area.

2. Determine how you are filing your taxes

When filing your taxes, you typically have two options, via paper and mail or electronic online submission. The information you need remains the same but the time needed to prepare your tax return and receive your refund may vary. Preparing a paper tax return is much more time-consuming and error-prone as it is harder to identify mistakes (i.e. missed lines).

Keep in mind that an electronic tax return will typically be processed within 3 weeks of submission, whereas a paper tax return could take longer.

Person filling out tax documents
Photo by Nataliya Vaitkevich

3. Verify your filing status

Your filing status will influence and guide your entire tax return. It will determine your
filing requirements, deductions, and credits.

There are five filing statuses:

  • Single
  • Married filing jointly
  • Married filing separately 
  • Head of household 
  • Qualifying widow(er) with dependent child

Determining your filing status can be tricky, depending on your situation, if you are unsure it is best to consult a professional CPA who can advise you.

4. Make a list and gather all the necessary information

It is a good idea to sit down and make a list of all the relevant documents you will need to file your taxes. The most important thing to determine is how much money you made in 2022. However, you can also take advantage of adjustments, deductions and credits depending on your situation.

Make a list and gather all information related to:

  • Personal information: social security number, birth date, copy of last year’s tax return and dependent’s information
  • Income: employment, investment, alimony, business records, rental property, social security benefits, property sale and many more
  • Adjustments: IRA contributions, student loan interest, health savings account contributions, moving expenses, self-employed insurance, education expenses and many more 
  • Deductions and credits: child care, education, adoption, mortgage interest, charitable donations, medical and dental, and many more

Unsure what documents you need or have a question about your specific situation? Reach out to the professionals at John Freeman CPA who can answer any of your questions!

Tax time! written on post it note, over tax documents on black table.
Photo by Nataliya Vaitkevich

5. Consult a professional early and often

If you are on the fence about hiring a professional to handle your taxes, it is best to reach out sooner rather than later. A CPA is a tax professional that can help answer any of your questions. They are experts and have experience with a wide variety of situations.

At John Freeman CPA, we take the stress of preparing your taxes out of your hands. You will still need to do all the preparation outlined above and provide us with all the necessary documents but that is where your work ends and ours begins. Once we have all the documents, we prepare the tax return for you to review and submit before the deadline.

Advantages to hiring a CPA at tax time

  • Offer tax advice
  • Ensure all appropriate deductions and credits are applied 
  • Can liaise with the IRS in the event of an audit 
  • No situation is too complex 
  • CPAs are experts who are well-informed on any changes in tax code from year-to-year

At John Freeman CPA our goal is to make tax time easier! Contact us today to get a better understanding of our services offered and the advantages of working with a CPA when it comes to tax time. Get ahead of tax season this year by following our easy tax preparation guide.

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