Planning Ahead: Tips to Prepare for 2023 Tax Filings
As the final tax filing deadlines of 2022 approach, it is time to start thinking about, and preparing for, 2023. While this may seem a little early to start thinking about next year, it is actually the perfect time to take stock of your current situation and make any changes needed before the calendar moves into the new year. Read on for ways to get yourself ready for the 2023 tax season.
Check Your Documentation
One of the biggest things you can do is be organized. Making sure you are properly tracking and documenting things like mileage, donations, and business expenses is crucial when it comes time to look at deductions. There are many different ways to keep track of these expenses, from the traditional paper receipts to more technical options like mileage tracking apps or digital document storage. Whatever method you choose, make sure you are able to access all the necessary information when it comes time to hand it over to your CPA.
Track Your Trades
With increased focus on, and investment in, digital currency, it is important to be sure you are properly tracking your trades if you are investing in cryptocurrency. The tax implications of cryptocurrency can be a little confusing, but we laid out a few of the basics in our article here. Overall, when it comes to all things crypto, we recommend consulting with your CPA to get a handle on your specific implications.
Planning ahead and doing periodic check-ups on your finances can help you spot any adjustments that are needed before you are impacted. Changes like a new baby, or a decrease in the number of dependents you have, can affect your tax liability so you may want to make adjustments to your W-4 to reflect that. Working with your CPA and a financial advisor can help you take the right steps to stay on track throughout the year.
Prepare With SDK
While this article is not intended to give advice, the team at SDK is always ready to help you come up with a plan and put it into action. Our goal is a simple one: to be your most trusted and valued advisor. We do that by anticipating your needs and then offering the best possible solution to those needs. We do that by specializing in a comprehensive set of services that go well beyond the preparation of financial reports and tax returns. Reach out to the team today by calling 612-332-5500 or send us an email at firstname.lastname@example.org.