Kian Finance Authority Newsletter: Essential Year-End Tax Prep Tips for Stress-Free Filing
As the 2023 tax filing season approaches, Kian Finance Authority, your trusted business consultant near me, is here to ensure you’re well-prepared. Proactive steps now can save you from tax-time stress. Here’s what you can do:
Check Your Withholding
Time’s ticking to adjust your paycheck withholding for 2023. Use the IRS Withholding Estimator to verify that you’ve paid enough tax. It’s crucial to get this right to avoid surprises.
If you’ve had a name change this year, report it to the Social Security Administration promptly, ideally before year-end.
Bank Account Details
Ensure your bank account and routing numbers are handy. This will expedite receiving your tax refund through direct deposit.
Gather Income Statements
Look out for W-2 forms, 1099-NEC, 1099-MISC, 1099-INT, 1099-G, and other 1099s in late January or early February. Some may arrive by mail, others electronically. Keep them organized.
Organize Deduction and Credit Records
This includes Form 1095-A, tuition statements (Form 1098-T), medical bills, mortgage interest statements, and receipts for home energy improvements or clean vehicles.
Consider Contributions and Investments
Evaluate your financial situation and consider adding additional contributions to retirement savings accounts or other tax-advantaged investments. These donations can decrease your taxable earnings, lowering your tax burden.
Consult With a Tax Professional
If you have a complex tax situation or are unsure about any part of the process, it may be beneficial to seek the help of a tax professional. At Kian Finance Authority, we offer advice to ensure your taxes are prepared accurately and compliant with the law.
Remember, last-minute rushes can lead to missed deadlines. Start organizing now!
Contact Kian Finance Authority Today!
Kian Finance Authority offers business consulting services, including business formation training and bookkeeping workshops, to help you navigate tax season easily.
Our expertise in business consulting services near me ensures that you are well-prepared, organized, and ready to file taxes without any hassles.
We’ll guide you through each step, from checking withholdings to organizing your tax documents, ensuring you’re set for a smooth and worry-free tax filing experience.
Let us help you manage your tax preparations efficiently, giving you more time to focus on what you do best – growing your business. Contact us now.