April 18 came and went and hopefully it wasn’t a painful (tax) day for you. Believe it or not, it’s never too early to start thinking about next year. If filing your taxes was a headache and a hassle in 2022, here are a few tips to get you prepared for April 15, 2023.
Get organized: Did you waste a bunch of time looking for receipts this year? Create a system, whether it’s a file cabinet or a shoebox, and keep track of those receipts and other financial documents you may need at the end of the year. Keep a tally of your charitable and retirement contributions and you’ll be ready to go as soon as you get that W-2 in the mail.
Keep track of changes: What’s happened to you this year, and what will be happening in the next few months? Are you getting married? Having a kid? Buying a house? Opening up a ROTH IRA? All of these things will affect your filing status, so make sure you’re up to speed on how any of things will affect your filing process.
Be patient: Do you have a side hustle or do freelance work? If so, any number of hiccups can occur during tax preparation. Be prepared but know it’s no big deal if you have to file an extension. If you find yourself in this boat, head on over to IRS.gov and get an extension form.
Taxes can be annoying, but with a little preparation, you can make the process a lot easier.