Tax time is here again, 2023 marks the start of a new tax year and it’s getting to be crunch time. It's important to be prepared. Here are some must-dos for getting your finances in order and making sure you get the most out of your taxes:
The tax code undergoes changes every year, so it's important to review them before filing your taxes. This includes any deductions or credits that may have been added or removed.
Overall, these changes will most likely mean that most Americans will receive a smaller refund or end up owing money to the government.
Before filing, make sure you have all the necessary documents on hand. This includes W-2 forms, 1099s (if applicable), receipts for contributions to retirement accounts and charity donations, bank statements, mortgage interest payments and more.
There are now many tax software programs available that can help guide you through preparing and filing, like TurboTax and Free Tax USA. They provide helpful features, such as automatically importing documents, calculating credits and deductions, and double-checking for accuracy.
Don't wait until the last minute to file your taxes. A rushed job often means mistakes on your return, which can lead to costly penalties or interest payments down the road. Aim to have your taxes done at least three weeks before the April 15th deadline so you have plenty of time to review and fix any errors.
If you're uncertain about how to best file your taxes or unsure if you qualify for credits and deductions, consult a professional. An accountant can help you organize all your documents, file your return correctly, and maximize your refund. Having a qualified accountant help you navigate taxes can save time, money, and stress. Not only can they advise you on deductions and potential credits, but they can also ensure everything is filed properly.
Tax time can be stressful especially if you’ve had a major life change, like retirement. Additionally, having a large tax bill can be scary. Like every year, your best bet is to seek out a financial advisor if you have more forms than your stand W-2s. While software can be easy to use, nothing beats an accountant who knows the ins and outs of the laws.
With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
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