Top Tips To Know Before the 2023 Tax Season

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Top Tips To Know Before the 2023 Tax Season

The 2023 tax season is right around the corner. In fact, you may have already received important tax documents such as your W-2 or 1099. Don’t let the upcoming tax season cause you stress, but don’t put off filing your taxes until the last minute, either. Here are some of the best tips to know to help you navigate the 2023 tax season.

Keep Documents in One Place

Organization is key to a successful tax season. Collecting your relevant tax information throughout the year and storing it in a safe yet accessible place helps you have everything you need once it’s time to file. The IRS recommends developing a recordkeeping system that collects all your paper and electronic information in one secure place. Collect your year-end income documents such as W-2 forms, 1099 banking forms, miscellaneous income forms, and more in one place. Keeping detailed records makes the filing process much smoother and more efficient.

Avoid Refund Delays

The United States continues to see delays in shipping times, even after the holidays, which can naturally lead to delays. Additionally, some tax returns may require additional inspection and review by the IRS. These additional inspections prevent fraud and identity theft. These returns may require manual review, which results in a delay. Try to file your information as soon as possible to avoid delays in receiving your refund. Another way to speed up your refund is by enabling a direct deposit.

What To Do Next?

After filing your relevant tax documents for the year, you might wonder what to do with your old tax documents. There are certain periods when you should keep your old tax documents. For example, once you finish filing your tax return in 2023, you should hang onto your documents in case you need to reference them in the future. Always mark the date on documents like these.

After this period, you can safely dispose of old tax forms. Just make sure to dispose of them safely by using a shredder. One important thing to keep in mind during tax season is the importance of properly disposing of sensitive documents. Identity theft is a real concern. You could be putting your family or business at risk by not properly shredding personal or financial tax documents.

The 2023 tax season is right around the corner, but with these tips, you can have one of the most efficient and stress-free years yet.