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How To Prepare For Tax Season 2023
Tax planning is for everyone, Prepare For Tax Season 2023. Prepare to file your 2022 federal income tax return today. Planning ahead allows you to submit an accurate return and avoid processing delays that can delay your tax refund.
Prepare For Tax Season 2023
Steps you can take now to make tax filing easier in 2023
Collect and organize your tax documents
Organized your tax records make a complete and accurate tax return. It will allow you to avoid mistakes that cause processing delays that slow down your refund, and can also help you find any missed deductions or credits.
Wait to file until you have your tax records including:
- Forms W-2 from your employer(s)
- Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity or retirement plan distributions
- Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
- Form 1099-INT if you were paid interest
- Other income documents and records of digital asset transactions
- Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance payments or claims Premium Tax Credits for 2022 Marketplace coverage
- IRS or other agency letters
- CP01A Notice with your new Identity Protection PIN
Notify the IRS if your address changes and notify the Social Security Administration of a legal name change.
Remember, most income is taxable. This includes:
- unemployment income,
- interest received,
- income from the gig economy, and
- digital assets.
Check your Individual Tax Identification Number (ITIN)
An ITIN should only be renewed if it has expired and is required for a US federal tax return. If you do not renew an expired or expired ITIN, the IRS may still accept your tax return, but may delay processing it or delay tax credits owed to you, such as tax credits. Examples include the Child Tax Credit and the American Opportunity Tax Credit, which may affect when you receive your tax refund. If your ITIN was not included on a U.S. federal tax return for tax years 2019, 2020, and 2021, your ITIN expires on December 31, 2022.
If your ITIN wasn’t included on a U.S. federal tax return at least once for tax years 2019, 2020, and 2021, your ITIN will expire on December 31, 2022.
As a reminder, ITINs with middle digits 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, or 88 have expired. In addition, ITINs with middle digits 90, 91, 92, 94, 95, 96, 97, 98, or 99, IF assigned before 2013, have expired. If you previously submitted a renewal application and it was approved, you do not need to renew again.
The IRS processes requests in the order they were received. Currently, IRS is working ITIN applications received in July 2022. Your patience is appreciated. You will be notified once your ITIN is assigned or if additional information is needed.
Make sure you have enough tax withheld
Consider adjusting your withholding if you owed taxes or received a large refund once you filed. changing your withholding will assist you avoid a tax bill or allow you to keep more money every payday. Credit amounts may change each year, so visit IRS.gov and use the Interactive Tax Assistant to spot whether or not you qualify for any tax credits that will involve a withholding adjustment. Life changes – getting married or divorced, welcoming a child, or taking over a second job – can also mean changing withholding.
Use the Tax Withholding estimator to assist you determine the right amount of tax to have withheld from your paycheck. This tool on IRS.gov can facilitate determine if you would like to regulate your withholding and submit a new form W-4 to your employer.
take into account income tax payments. If you receive a considerable amount of non-wage financial gain like self-employment income, investment income, taxable Social Security benefits and in some instances, pension and annuity income you must make quarterly estimated tax payments, with the last payment for 2022 due on January 17, 2023.
Log in to your online account to make a payment online or go to IRS.gov/payments. If you have filed your taxes with us, feel free to come over to help you make such payments to the IRS.
Get banked to speed tax refunds with direct deposit
The quickest way to get your tax refund is to submit it electronically and choose direct deposit. Direct deposit allows you to get your refund quicker than a paper check. Get your routing and account number by signing into your online banking account or contacting your bank.
Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable.
