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Find Your Way to a Successful Tax Day!

Calendar noting 2023 tax deadline for 2022 taxes
A successful tax day is all about planning and careful evaluations. Intentional Accounting can make your taxes go through without a hitch!

Know Deadlines and Arrival Dates of Tax Documents

Your Tax Day Plan should start with knowing when your tax forms will arrive. The influx from most of your respective tax forms will start to arrive in mid to late January. If you do not see your W-2s or 1099s in the mail by mid-February, you should reach out to your employer or the accounting department to find out about any delays.

Review Life Changes: Personal, Financial, and Status Changes

If you’ve had a life event change such as marriage, a new baby, a loss, additional income, or a job change in the tax filing year, you will have additional paperwork to enter and, hopefully, some deductions will come your way.

If you are married, you decide whether to file jointly or separately, but the IRS needs to know as it could affect what you owe or what you will see in a return.

Evaluate: Itemize vs Standard Deduction

Take a hard look at your expenses and donations for the year and see whether the standard deduction is best or if you should take the time to enter your itemized list for a better return.

Plan to Take the Time

It seems like you have all year to prepare, especially with the option of an extension. But life moves along and before you know it, you are scrambling to do the minimum. This could mean more errors, less of a return, or more unnecessary owed to the IRS. Do yourself a favor and plan to make time for less of a headache later.

Self-Tax Prep or Partner Up?

However you file, the discussion of self-tax prep vs a professional partner can make a huge difference when it comes to an end result. Professional tax preppers have lots of insight and experience that you may not. However, if you have been successfully preparing your taxes for years without the threat of an audit, you may be more comfortable with this route.

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Michael Callahan

Michael Callahan

CEO of Intentional Accounting

Financial Advice

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