Tax season is approaching quickly and now’s the time to start thinking about getting your preparations in order. There are documents to gather and paperwork to be organized, plus a number of day-to-day decisions to be made that impact your overall tax obligations. The last thing you want is to put yourself in a position where you have to rush through everything because you decided to wait until the last minute.
Our team at OWLFI can help you get ready for tax season. We provide a wide range of financial tax services, as well as investment management and estate planning solutions across the Greater Kansas City, KS area.
The Internal Revenue Service (IRS) has set April 18, 2023, as the tax filing deadline to submit your 2022 tax returns. Follow these steps to help you get ahead of your taxes before then.
Your federal tax account contains vital information about your tax profile. Here, you can access tax records, view your balance, make payments, manage communication preferences from the IRS, and more.
You’ll want to make sure everything is in order, particularly with regard to possible outstanding payments and inconsistencies in your tax records. It may also help you find overlooked deductions or credits.
Prepping for tax season begins with getting your tax documents in order. This makes it easier to prepare complete and accurate tax returns. Relevant tax documents include W-2 forms, 1099 forms, receipts, and any other documentation that may be required to file your taxes.
Keep in mind that the IRS regards most income as taxable. This includes unemployment income, gig economy income, income from owning digital assets, and interest received.
Check for discrepancies or inconsistencies in your tax returns. Better to catch these now and rectify them before the tax season officially kicks off. This can also help you understand what you need to look out for this tax season, and if there are any changes you should make.
Keep yourself updated on any tax law changes that might affect your return, this can be done by visiting the IRS website or subscribing to their newsletter.
A financial planner can be a valuable asset to help you prepare for tax season and make the most of your tax return. Basically, they can take the stress of tax season off your plate.
Our experienced financial planners at OWLFI can assist in the following ways:
In addition to our comprehensive financial tax services, we specialize in creating powerful differences in investments and income strategies based on your lifestyle. Ultimately, we’re all about being that one reliable partner that works with you to achieve your short-term and long-term financial goals.
We have offices in Lenexa, KS, and Henryetta, OK. If you need experienced strategic financial planners, OWLFI is here to help. Call 913.441.8380 to schedule a quick consultation or check out our services page to learn more about what we can do for you.
