Preparing to File Your 2023 Taxes

Preparing to File Your 2023 Taxes

Another year has come and gone — which means it’s time to start thinking about filing your taxes again (cue the collective groans!).

At Leone, McDonnell and Roberts, we understand that not everyone is as excited about tax time as we are; we recognize that the whole tax season can feel daunting for taxpayers. Below are some tips and tricks to help make the process as simple and seamless as possible.

Gather All Your Documents/Paperwork

    1. Putting together a folder, whether it’s a physical folder or an electronic folder, will help keep things organized. As you receive or download your 2023 tax statements, place them in the folder. Once you have everything together, you can drop it off to your tax preparer or securely send the documents electronically to them.
    2. Some common year-end tax documents include the following:
      • Form W-2 from your employer
      • Consolidated 1099 for investment activity
      • Form 1099-INT for interest income received
      • Form 1099-DIV for dividend income received
      • Form 1099-MISC for miscellaneous income
      • Form 1099-NEC for nonemployee compensation
      • Form 1098 for mortgage interest paid
      • Schedule K-1 for pass-through income

Did You Make Any Contributions to an IRA?

    1. You have until the April filing deadline to make 2023 contributions
    2. The contribution limit for 2023 is $6,500 if you’re under 50 and $7,500 if you’re over 50.
    3. Contributions to a traditional IRA may be tax deductible.

Are You Eligible for any Energy-Related Credits?
During 2023, did you:

  1. Make any energy improvements to your home?
  2. Purchase an electric vehicle or fuel cell electric vehicle?
  3. Use clean energy (solar, wind, geothermal, battery) to power your home?

If yes to any of the above, you may be eligible for a tax credit. Gather all of your documents related to the above items and discuss with your tax preparer.

Reconcile Your Accounts
If you own a business, make sure your accounts are reconciled and up to date for 2023 before submitting any financials to your tax preparer (see blog post from November 13th for additional tips).

Consider Filing Electronically?
Filing your tax return electronically is more secure than paper filing your return. Additionally, if you’re due a refund, choosing direct deposit as the refund method is the quickest way for taxpayers to receive their refund.