Essential Tax Solutions

What Must A Taxpayer Have Before Filing A 2023 Tax Return

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

One of our duties as a citizen of the country is to pay income tax. Although some countries like UAE, Bahamas, Monaco, and Bermuda doesn’t require their citizens to contribute to income taxes, the case is different in the U.S.  We understand that not all of us are tax professional or expert in tax preparation. So if you’re searching for tax preparation Louisiana or what you’d be needing before the 2023 filing of your tax return, let this article be your guide for stress-free tax processing! 

2023 Tax Season - Tax Preparation

Neat Filing

Whether you’re in self employed preparation or preparing for your employees, procrastination will never do well in your tax processing. The common mistake of many of us is not taking dates seriously. They get stressed over missing records and receipts which causes a delay in filing. But how can we practice neat filing? Here’s how below.

  • Nobody wishes to suffer the consequences of filing late. If you want to start neat filing better check your email when the year ends or by January.
  • January is the month when tax records are available online. Once you receive them in your email, scan them thoroughly.
  • Delays will proceed if you failed to scan the papers because of the possible errors in figures or information.
  • Always double-check the information and figures. If you see some errors, report them immediately.
  • Have your email address or mailing address checked and update if there are any changes to make sure they will appear in their record.
  • You should also check for the credits and deductions that might have been applied. 

Hire an Expert in Tax Preparation

As we’ve mentioned, tax processing is stressful because there are too many documents to prepare and settle. Our schedule could be so congested every day with different obligations and not to mention the other parts of our life that need special attention. Better search for a Louisiana tax preparation company that is an expert in tax preparation to help you deal with the complexity of tax processing. 

A Company That Gives Clear Solution

Whether it’s in a tax return, income tax, or strategies in tax processing, Essential Tax Solutions is the one company you can depend on. They believe in fairness and offer the best services that deliver satisfaction to every client they work with. We all know that it’s hard to maintain a 5-star rating. But with their expertise in tax solutions, clients give their full trust and receive the maximum amount of refund they can acquire. You can visit their offices in LaPlace, St. Bernard, or Violet. You can also visit their website, call their hotline number 877-3388, or send an email to essential-taxsolutions.com. Here are some reasons why they are the best in tax preparation services Louisiana:

          Has a good reputation and is trusted by many

          Gives plenty of promotions and offers when you start filing with them.

          Helps you get the maximum amount of refund

          Process taxes with the best security by using secured data transmission.

          Makes tax preparation easy and on-time

          Deliver the best guidance in tax processing be it personal or online.

          Practices transparency through upfront pricing 

Know Your Right

If you haven’t received any from the economic impact payment, better know your right. Cheer up! You can still receive it by following these simple steps below:

  •         Get the total amount of your third round payment
  •         You can do this by checking your online account on IRS.
  •         Perhaps you can also do it in a different way by waiting for the letter 6475 from IRS. The letter 6475 from the IRS will show the details of your payment or money received. It is often received in the week of January.
  •         Once you have the info, scan the letter thoroughly and see how much you can get.
  •         Use the recovery rebate credit to claim them. The recovery rebate credit can be used by people who didn’t receive any amount from the economic stimulus payment. However, it can only be acquired once for it is a one-time special benefit. 

Check Your IRS Online Account

If you’re not planning to seek help from tax preparer Louisiana, you can reduce the hassle of tax preparation by checking your IRS online account. This is an essential move for you can be assisted with the documents that you need to prepare in submitting your tax return. These are what you can see in your IRS online account.

  • Your total amount of economic impact payments issued by the IRS
  • Your latest tax return from your gross income
  • Refunds and settled estimated tax payments
  • Total contribution in advance child tax credit
  • Choice of communication like email requests or paperless notifications
  • Track of payment and tax records

Prepare the Documents

There are several documents that you need to prepare before you file for 2023 tax return. To prevent delays and errors, you can prepare these documents in advance.  

W-2 Form

The W2 tax preparation is for employers. This form shows the details of your employees’ taxes deducted from their paychecks as well as their benefits every year. 

1099 Tax Form

1099 tax preparation is also necessary. This form shows the details of the different payments you’ve made personally or for your business. So technically, you will be reporting the payments you made for the whole year.  

1099K Form

This form shows the details of the payment transactions made with third-party networks or cards. This is to improve your voluntary compliance with tax payments. 

1095-A Form

This form shows your information about the following:

The insurance you bought and pay

Insurances that cover the people in your household

Premium tax credits

Your insurance policy

1099-Misc Form

This form embodies the details of the updates and miscellaneous income. This form aims to report the payments you’ve made for your trade or business as well as the compensation for employees and non-employees. 

Letter 6475

This letter shows the authentic record of your stimulus money or the issued three economic impact payments legalized by the IRS in response to the coronavirus pandemic. This letter will also help you get the tax return dedicated to you.

Cryptocurrency Transactions and Income Records

This might sound a little odd if it’s your first time filing for income return but cryptocurrency transactions are also required. This would only apply if you invested or traded using them. 

Letter 6419

This letter shows the advance monthly CC payments you receive from the qualified number of children you have. 

Reasons to File Early Tax Return

There’s a famous quote saying “an early bird catches the early worm”. You might not know but there are plenty of advantages to filing an early tax return. Let these reasons below help you understand why.

You’ll get the chance to choose what to do with the deductions.

Helps you get your refund faster

Avoid costly mistakes

Correct mistakes in information and figures

Estimate your gains and losses

Less stress from tax-season fever

Prevent identify theft that can potentially acquire your refund illegally

           Saves you time

Conclusion

Filing for a tax return should not give you a hard time. These helpful tips we shared will prevent you from committing costly mistakes and save you time. As a taxpayer, we have obligations to fulfill in tax processing and it wouldn’t be hard if we work smartly! 

Areas We Serve