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Are You Ready to File Your 2023 Taxes?

Are You Ready to File Your 2023 Taxes?

February 07, 2024

Are You Ready to File Your 2023 Taxes?

There’s an expression often used in business, “If you fail to plan, you plan to fail”. Those words are never truer than when it comes to tax time.

Gathering relevant documents and organizing receipts and expenses is the way to reduce stress and make the process so much easier. If you are self-employed or work as a freelancer, you will want to organize receipts and review bank statements that you already have access to.

By now you should have received all your W-2s from your employer(s) and if relevant, 1099s from your clients. These documents are to be issued by the end of January. If you have not received them, inquire immediately to request a copy.

Hopefully, you’ve been keeping the necessary records and receipts organized throughout the year. If you haven’t now is the time to put them in order by category and date. This will make the job of your tax preparer much easier and perhaps even save you some money on their fee. The stereotype of someone walking into an accountant’s office and dumping a box of receipts on his or her desk may look amusing in the movies, but it’s not at all funny in reality.

Be sure to include documents regarding life changes, such as having a new baby or getting married. It's also a good idea to organize receipts for expenses, big and small, such as property taxes and mortgage interest.

IRS Online Account

Even if you have an excellent professional financial and tax team to advise you, you should always be responsible for your information whether it’s organizing it or tracking it. By creating an IRS online account, you can access such documents as your prior year’s adjusted gross income, request tax transcripts, check outstanding tax balances, view IRS notices before they are mailed, and update and save bank information.

Organizing all the necessary information before you file minimizes the risk of not providing your preparer with all the needed documents and needing to file an amended return.

Your Professional Financial Team

Tax time is not just the first few months of every year. Staying on top of your best tax strategies, the latest updates from the IRS, and merging that information into your long-term financial planning goals requires an experienced team, especially if your tax situation is complex.

At One Financial Services, our team of financial professionals is here to help guide you into a secure financial future.