Simplifying Tax Season: Essential Information for a Stress-Free Filing

January 31, 2023•2 min read

It's tax season! Do you have everything prepared?

A little preparation and organization can simplify the process and reduce your stress levels. Whether you're a seasoned filer or a newcomer to the process, here are some essential pieces of information to help make tax season as smooth as possible.

Income: You'll need to report all sources of income, including wages, salaries, tips, unemployment compensation, dividends, and any other taxable income.
Dependents: You can claim a tax credit for each dependent you have, such as a child or elderly parent. You'll need to provide information about your dependents, including their names, social security numbers, and relationship to you.
Filing Status: Your filing status can affect your tax liability, so it's important to choose the status that best fits your situation. The five filing statuses are single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child.
Filing deadline: Tax season typically runs from January to April, with a deadline of April 15th to file your federal tax return. Some states may have different deadlines, so it’s important to check with your local tax authority. For specific deadlines this 2023 you may download our 2023 tax planning guide.
Tax Forms: Depending on your situation, you may need to file specific tax forms, such as the W-2 for wage and salary income, the 1099 for freelance and other types of income, and the Schedule C for self-employment income.
Filing methods: You can choose to file your taxes electronically or by mail. Electronic filing is generally faster and more secure than traditional mail-in filing.
Tax Credits: There are various tax credits available, such as the Earned Income Tax Credit (EITC), the Child Tax Credit, and the American Opportunity Tax Credit.

Don't wait until the last minute to start your taxes. Thankfully, there are several resources available to help make this process easier. We are sharing to you our complete 2023 Tax Planning Guide.