It’s tax prep time! The US 2022 tax filing season is upon us. Let’s get you in the spirit and ready to file.
Tips to Help You
The IRS started accepting 2022 tax returns on January 23rd. The official deadline for individual tax returns is April 18, 2023 for most Americans. There are some exceptions due to the impact of natural disasters. Here is a link outlining the exceptions due to natural disasters.
The IRS website provides information, tools, and filing information here if you’d like to check for answers to questions and check on the status of your refund.
Tax Records
You’re encouraged to organize 2022 tax documents before you try to file. Important documents to have ready are:
- All tax payer identification
- Employment Income related documents
- Non-employment income related documents
- Health insurance document 1095-A for those who obtain health insurance through the ACA
- Business income and expense documentation
- +++ depending on your situation (i.e. donations, profit/loss, et al)
How to File
From years past, the fastest way to obtain a refund is when you file electronically with your direct deposit information. Filing electronically and choosing direct deposit is “still the fastest and easiest way to file and receive a refund,” according to the IRS. Most taxpayers are expected to receive their refund within 21 days if they file this way, and if there are no issues with their return. Filing a paper return, on the other hand, puts taxpayers more at risk of processing delays—so the IRS said you should avoid this method, if possible.
If you work with a tax professional to file your taxes, make sure to fill out the information sent over in a “tax organizer” completely to help them help you. Online tax filing tools vary from no cost to cost. For those with 2022 adjusted gross income of less than USD 73,000 IRS Free File is underutilized free federal tax filing program from the IRS.
However you file, make sure you keep good documentation and remember to keep all filed tax returns and supporting documentation for a minimum of three years from the date the return was filed or two years from the tax was paid.
More Prep
I know, the last thing you want to think about is more prep! Yet, I’ve always found that tax season is a great time to take a look at “the other administrative stuff” in your life. This is the time for me to review what subscriptions I have (and pay for), what programs and apps I use (and sometime pay for), ++ You get what I mean, don’t you?! Make a little time to see what you have, need or prefer to cancel!
When we can break down things into small tasks and even lump the tasks together, it’s easier somehow. If you’d like to discuss, email me: Lynn@thelivingplanner.com or if prefer to schedule a Complimentary Discovery Call to discuss your particulars, let’s do it!
My main website is: https://thelivingplanner.com. If you’d like to try a DIY approach, check out my online courses/resources to assist people, pets and businesses here: https://courses.thelivingplanner.com
Signing off this week with a quote by Cher, “If you really want something you can figure out how to make it happen.” I echo this and say, yes you can! -Lynn
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