What You Need to Gather for Your 2023 Taxes
With tax season around the corner, it's time to prepare your financial records and documents for a smooth filing process. At Solutions Bookkeeping Plus in Utica, OH, we understand the importance of thorough preparation to ensure accurate and timely tax filing. In this blog post, we'll guide you through the essential documents and information you need to gather to complete your 2023 taxes.
Income Documents: Gather all income-related documents, including W-2s for employment income, 1099s for freelance or contract work, interest statements from banks, investment income reports, and any other sources of income received during the tax year.
Expense Receipts and Records: Collect receipts and records for deductible expenses such as business expenses, medical expenses, charitable donations, education expenses, property taxes, and mortgage interest payments. Having accurate documentation is crucial for claiming deductions.
Records of Investments: Compile statements related to investment transactions, including stock sales, dividends received, and capital gains or losses. These records are necessary for reporting investment-related income and losses accurately.
Business and Self-Employment Documents: If you're a business owner or self-employed individual, gather profit and loss statements, business expense records, invoices, receipts for business-related purchases, and records of estimated tax payments made during the year.
Property and Asset Information: Collect records related to any property bought or sold during the tax year. This includes real estate transactions, details of assets purchased or sold, and information on any improvements made to properties.
Retirement and Savings Contributions: Compile records of contributions made to retirement accounts (such as IRAs or 401(k)s), Health Savings Accounts (HSAs), and other eligible savings plans. These contributions may be eligible for tax deductions.
Health Insurance Information: Ensure you have documentation related to health insurance, including Form 1095-A, 1095-B, or 1095-C, which provides information about your health coverage during the tax year.
Education Expenses and Student Loan Information: Gather records of tuition payments, student loan interest statements, and other educational expenses. These may qualify for education-related tax credits or deductions.
Childcare and Dependent Information: If you've incurred childcare expenses or have dependents, gather records related to childcare providers, social security numbers of dependents, and other relevant documentation for potential tax credits.
Previous Tax Returns and Notices: Keep copies of your previous year's tax return and any correspondence or notices received from the IRS or state tax authorities.
As tax season approaches, organizing and gathering the necessary documents and information can streamline the tax preparation process. At Solutions Bookkeeping Plus in Utica, OH, we're here to help you navigate through your tax obligations. By preparing and organizing your financial records, you can ensure a hassle-free tax filing experience and maximize your eligible deductions and credits for the 2023 tax year. If you need assistance or have further questions, don't hesitate to reach out to our team of experts—we're here to support you every step of the way.
