Tax season 2023 is approaching, and preparedness is essential to not getting overwhelmed. Tax attorney Terrance “Terry” Selb is an expert in tax law and solutions. He recently offered his top tax preparation tips.
Selb’s No. 1 tip for preparing for tax season is to start as early as possible. He recommended that individuals or families with simple returns e-file early for the quickest turnaround time. Direct deposit also ensures your refund goes into your account ASAP.
Individuals, families, and organizations with more complex returns should start gathering all their documents and information now. Speak with a qualified tax professional to ensure you have everything you need. You’ll also save countless hours and headaches by having a professional prepare and file your taxes.
Check Out the New Rules for 2023
Terry Selb explained that the rules regarding credits and dedication change regularly, especially in the aftermath of the COVID-19 pandemic and recent world events. He recommends reviewing new rules for 2023, as they can increase your return or reduce the amount you’re required to pay.
For example, child tax credits that increased in 2021 are back down to the 2019 amount. Most earned income tax credits will also be lower than last year. However, clean energy vehicle tax credits up to $7,500 are still available, as well as premium tax credits for individuals with health insurance through the marketplace.
Arrange Your Credits and Deductions
Once you’re familiar with the new tax laws for 2023, start arranging your credits and deductions. Gather documents that display information like social security benefits, alimony, investment income, student loan interest, mortgage points, and more.
Decide How You’ll File Your Taxes
There are numerous ways to file taxes. Some are more beneficial for individuals with simple tax situations, while others work better for families or businesses with more potential complications.
Decide how you’ll file your taxes, whether you use an online platform or speak one-on-one with a tax professional. Filing with a professional is highly recommended, as they can ensure all forms are correct.
They can also help ensure you use all credits and deductions to get the highest possible return. A qualified tax professional can save you hundreds or thousands of dollars.
Selb and American Tax Solutions
Terrance Selb is an expert in finding tax solutions for everyone, from individuals to large corporations. You can contact his team for a confidential and free consultation before getting started solving any issues you may have regarding taxes, including liens, asset seizures, wage garnishments, and more.
Selb and his team make it their mission to solve your tax problems and create a plan that works for future tax seasons. From IRS representation to estate and trust tax preparation, American Tax Solutions can relieve all the stress you may be feeling about the upcoming tax season.