Like it or not, tax season is already upon us. With three months still remaining until the deadline, now is the perfect time to begin preparing your tax return. Taking the initiative now will help you avoid the anxiety and chaos that can come with waiting until the last minute.
New Tax Information for 2023 (2022 Tax Year)
Here's what you'll need...
Personal: To ensure a speedy return of your refund, please have your full name, social security number, home address, date of birth, and copies of last year's federal and state tax returns ready. If you are married, you will need to provide the same information for your spouse. To make the process even faster, we suggest having your bank account number and routing number available for direct deposit.
Dependent: You must have all the data listed above from your dependents to complete this. Additionally, if it applies to your case, Form 8332 must be obtained to demonstrate that the custodial parent of the child is relinquishing their right to claim the child.
Income: Many of these forms are not necessary to file taxes annually. For instance, a 1099-G is only required when you have received unemployment benefits, and a 1099-S is only necessary when you have sold real estate.
W-2 forms for you and your spouse
1099-K or 1099-NEC if you are self-employed or earning income as an independent contractor
1099-G for people receiving unemployment
1099-S if you sold any property
1099-MISC if you are receiving income from a rental property
SSA-1099 and 1099-R for Social Security benefits and retirement plan distributions
1099-B, 1099-DIVE and 1099- INT for stock sales, dividends and interest
Other miscellaneous income
Schedule K-1 reports distributions from trusts and estates to beneficiaries
Amount of alimony received
Jury Duty pay
Any debt cancellation, scholarships, etc.
Cryptocurrency transaction records
Gambling winnings – a federal tax hit comes when your gambling winnings reach $600 or more
Form 1098 shows any mortgage interest, mortgage insurance premiums, and points you paid throughout the year.
Real estate taxes
Local and state sales or income taxes
Business owners will need records of their business expenses
Other miscellaneous deductions
Out-of-pocket medical expenses
Childcare expenses Education expenses — this includes what teachers have paid for classroom supplies. You'll need Form 1098-E if you paid any student loan interest. Form 1098-T is for higher education expenses.
Contributions to retirement plans