2023 Tax Filing Checklist
A Reference Guide To Aid Your Tax Filing in 2023
January 23rd marked the beginning of the 2023 tax season. If you haven’t already, now is the time to start preparing. Whether you meet with a tax professional or prepare your taxes yourself, proper planning will help your 2023 tax filing go more smoothly and may reduce the risk of costly errors. Check out some of the basic tax tips below and prepare to tackle this tax season with confidence.
Gather Forms
Remember, tax filing is not a race. You have until April 18th to file your return or extend your filing. Please make sure you print or collect ALL of the important tax documents including:
- W-2s
- SSA-1099 for Social Security benefits
- 1099-Rs, 1099-NECs, 1099-DIVs, 1099-INTs, and Consolidated 1099 from financial institutions
- 1095-A for government marketplace health coverage
- 1098s for reporting interest and tuition payments
- W-2Gs for any gambling winnings
- Schedule K-1s for company ownership
Organize Personal Information
Double-check important information like:
- Social Security number of your dependents or spouse
- Make sure to update your CPA and CFP for any address changes that happened in the prior year
- Addresses of all property you own
- Exact date of when property was bought or sold
Round-Up Receipts
Gather all receipts for business expenses, medical expenses, property tax payments, and other expenses that can be listed on your Schedule A or Schedule C.
Count Charitable Contributions
Filers who choose to itemize deductions on Schedule A should gather all charitable contribution data for 2022.
Find Last Year’s Tax Return
If you are using the same preparer as the previous year, they should have a copy of your tax return. If not, find your old copy and have it ready with your other tax items to give to your tax preparer.
File Your Return
The filing deadline for 2023 is April 18th – with a 6-month extension available to anyone that files for it. Remember that the extension is only an extension to file your paperwork, you are still required to pay any tax due by April 18th and interest and penalties will be assessed on any unpaid tax after this date. After you have thoroughly gathered ALL relevant tax information for 2023, you are set to file your return. To avoid processing and refund delays, we highly encourage filers to utilize the IRS E-File function for a more streamlined process.
Think About Your Refund
Consider what you plan to do with your refund once you receive it. You have the option to apply your payment towards next year’s tax bill if you’d like.
Need Some Help?
If you’d like a tax review from one of our CPA or CERTIFIED FINANCIAL PLANNER (CFP®) advisors, the Rhame & Gorrell Wealth Management team is here to help.
Our experienced Wealth Managers can help you review your financial and tax situation and develop a custom tax optimization strategy going forward – all at no cost to you!
Feel free to contact us at (832) 789-1100, [email protected], or click one of the buttons below to ask a question or schedule your complimentary strategy session today.
IMPORTANT DISCLOSURES:
Rhame & Gorrell Wealth Management, LLC (“RGWM”) is an SEC registered investment adviser with its principal place of business in the State of Texas. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that RGWM has attained a certain level of skill, training, or ability.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own CPA or tax professional before engaging in any transaction.
For additional information about RGWM, including fees and services, send for our Firm Disclosure Brochures as set forth on Form ADV Part 2A and Part 3 by contacting the Firm directly. You can also access our Firm Brochures at www.adviserinfo.sec.gov. Please read the disclosure brochures carefully before you invest or send money.
