Tips for a smooth tax season

Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniquesWith tax season underway, here are tips to make filing your return as stress-free as possible.

Tax season tips

  • Gather your tax information for filing. You’ll need W-2s, 1099s, K-1s, and other forms you receive from your business, employers, brokers, banks, and others. If you find any errors, contact the issuer immediately to request a corrected copy.
  • Organize your records. Once you’ve started gathering your information, find a place to put all the documents as you receive them, or consider scanning documents to store on your computer. You can also take pictures of the documents with your phone as a backup. Missing information is one of the biggest reasons the IRS delays a tax return.
  • Create an April 15th reminder. This is the deadline for filing your 2023 individual income tax return, completing gift tax returns, contributing to a Roth or traditional IRA for 2023, and paying the first installment of 2024 individual estimated taxes. So, create a reminder that works for you.
  • Know the deadlines for business returns. If you are a member of a partnership or a shareholder in an S corporation, then the deadline for filing these business returns is March 15th. However, calendar-year C corporation tax returns are due by April 15th.
  • Clean up your auto-log. Create and review the necessary logs to support your qualified business miles, moving miles, medical miles, and charitable miles driven by you. Gather and quickly review the logs to ensure they are up-to-date and totaled.
  • Review your child’s income. Your child may be required to file a 2023 income tax return. A 2023 return is generally required if your child has earned more than $13,850 or has investment income such as dividends, interest, or capital gains that total more than $1,250.
  • Contribute to your IRA and HSA. You can still make 2023 IRA and HSA contributions through either April 15th or when you file your tax return, whichever date is earlier. The maximum IRA contribution for 2023 is $6,500 ($7,500 if age 50 or older). The maximum HSA contribution is $3,850 for single taxpayers and $7,750 for families.
  • Calculate your estimated tax if you need to extend. If you file an extension, you’ll want to do a quick calculation to estimate your 2023 tax liability. If you owe Uncle Sam any money, you must write a check by April 15th, even if you extend.

Next steps

Please contact our RRBB advisors when you’re ready to move forward into tax season or if you have any questions about which of these tips is right for you.


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