It is the last month of the year so that means tax season is around the corner. Here is 5 things you can do to prepare for this upcoming tax season:
1) Gather Important Documents
Create a digital or physical folder and start saving those important documents there. Here is a link of the client organizer I utilize to help clients get their documents ready: Microsoft Word - Document1 (puritytaxandfinancial.com)
2)Double Check Your Personal Information with your employer.
Whether your employer sends your W-2 early or wait until the last day, you could receive it even later if your employer does not have the correct address on file. Check with your HR personnel to ensure your information is up to date.
3) Research Professional Tax Preparers
Is preparing Your taxes is just too much? That's fine, there are numerous of preparers that are equipped to file your return accurately. Start Searching and if you choose a tax professional, make sure they have a valid preparer identification number and have met the annual filing season requirements.
You can confirm tax professional status by visiting this link: RPO Preparer Directory (treasury.gov)
4) Apply / Renew Your ITIN
If you utilize an individual taxpayer identification number to file your taxes and haven't used it at least once in the past 3 years, it is going to expire at the end of this month so you will need to renew. If you need an ITIN number, you can start applying for this now.
5) Pay Your 4th Quarter Estimated Taxes
If you are a business owner, contractor or self-employed the last quarterly payment due date is January 17, 2023, so be sure to have your payments submitted by then.
To schedule a free 15-minute call with our tax professional click here: https://www.puritytaxandfinancial.com/booking-calendar/individual-business-tax-preparation?referral=service_list_widget