Tax Season 101

Tax season typically refers to the period of time between January 1st and April 15th during which individuals and businesses file their taxes with the government. Filing your taxes can be a daunting task but there’s so many companies and help you get with it! Tax Season is a season that a lot of people hate and I’m here to make it somewhat easier for you!

When Can You Start Filing?

Tax Season will start on January 23, 2023. This is the date the IRS will begin accepting income tax returns. You have until the 15th of April to file them.

Do I Need To File Taxes?

Whether or not you need to file taxes depends on your income, filing status, and other factors. In general, if your income is above a certain threshold, you are required to file for tax with the IRS in the USA. The threshold varies depending on your filing status and other things.

You need to give tax filing a serious consideration if you had any of the following in 2022:

  • You had income tax withheld from any paycheck.
  • You made estimate tax payments.
  • Or if you qualify for certain tax credits.

Ways To File Taxes

Paper Filing: You can fill out a tax return form by hand and mail it to the IRS.
E-Filing: This is the electronic version of paper filing. You can e-file your taxes using software such as TurboTax or through the IRS Free File Program.
A Tax Professional: You can also choose to have a tax professional, or an accountant to file your taxes for you.
IRS Free Filing: This is an option for taxpayers who meet certain income guidelines, that allows them to file their federal tax returns for free using tax preparation software.
Tax Software: These software allows you to prepare and file your taxes online, and offers a variety of features such as deductions, credits, and e-filing.

It’s worth noting that the IRS Free File is only available for Federal taxes.

Turbo Tax

TurboTax is a popular tax preparation software that helps individuals and businesses prepare and file their taxes. It is available for both federal and state taxes and it offers a variety of features such as deductions, credits, and e-filing.

The software is available in multiple editions, including a free version for simple returns, as well as deluxe, premier, and self-employed versions that offer more advanced features and support for more complex tax situations.

TurboTax also offers online support, including access to tax experts, and a comprehensive knowledge base. It also provides a way to import your W-2 and 1099 forms, which makes tax filing process more convenient.

What You Need To File Your Taxes

You will need to do this if your filing for taxes yourself or using a third party.

  • Social Security Numbers for yourself, spouse and any other dependents.
  • W-2 Forms which shows how much you’ve earned in the last year and what you’ve already paid in taxes.
  • 1099 Forms which is a record of some entity or person gave you money. (Not an Employer)
  • Retirement Account Contributions.
  • Mortgage Interest and Property Taxes.
  • Donations to Charity.
  • Local and State Taxes that you have paid.
  • Educational Expenses.
  • Unreimbursed Medical Bills.
  • Last Years Tax Returns.

Love, Bee xxx

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