Keep in Mind These Tax Tip Requirements

Here is a quick checklist to help our clients prepare for their 2023 tax returns during filing season.

These easy tips will help make tax preparation smoother in 2024.

1. Gather all necessary tax paperwork and records for accuracy to avoid missing a deduction or credit. This will help file a complete and accurate tax return. Errors and omissionsslow down tax processing, including refund times.

Before beginning, you should have:

  • Social Security numbers for everyone listed on the tax return.
  • Bank account and routing numbers.
  • Various tax forms such as W-2s, 1099s, 1098s and other income documents or records of digital asset transactions.
  • Form 1095-A, Health Insurance Marketplace statement.
  • Any IRS letters citing an amount received for a certain tax deduction or credit.

2. Remember to disclose all types of income. This is important to avoid receiving a notice or a bill from the IRS. Don’t forget to include income from:

  • Goods created and sold on online platforms.
  • Investment income.
  • Part-time or seasonal work.
  • Self-employment or other business activities.
  • Services provided through mobile apps.
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