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Are you dreading tax season? Join us on this episode of the Tax Savings Podcast as we discuss how to best prepare for tax season in 2023. Mike will cover a variety of topics, including action items such as completing bookkeeping, gathering receipts, bank statements, loan documents, asset purchases or sales, and completing an accountable plan. Mike will also provide helpful advice on due dates related to the 2022 tax year and tips on how to best prepare for filing. Plus, he is going to discuss how to create a system in place for tax documents that makes the upcoming tax season easier and stress free. Don’t miss out on this valuable information!

[00:00] What Your Accountant Needs and Tips to Make it Stress-Free

·       Be proactive and get your documents and financials in order at the beginning of the year.

·       Complete your bookkeeping as soon as possible and wrap up the previous year.

·       Gather all necessary documents, including receipts, bank statements, loan documents, asset purchases/sales, and accountable documents.

·       Consider using digital tools to organize and store your documents

[04:02] Gather Documents, Complete Your Accountable Plan, and Send to Your Accountant

·       Separate interest and principle when doing bookkeeping for loans.

·       Let your accountant know if you made any asset purchases or sold any assets that are already on your books.

·       Complete your accountable plan and add the activity to your books. 

·       Send income statement (profit & loss) and balance sheet to accountant 

·       Gather all tax documents and put them in one digital file before sending to accountant

[07:44] Gathering Tax-Related Documents for Tax Season 

·       Gather documents such as last year's tax return, payroll documents, 1099s, 1098s, K-1s, health insurance forms, 1098-E for student loan interest and 1098-T for tuition

·       Collect information on real estate taxes, medical expenses, charitable contributions, childcare expenses and estimated taxes

·       As a business owner, keep track of estimated tax payments.

·       Create a spreadsheet with all of the collected information

[11:21] 2022 Tax Year Due Dates and Tips for Business Owners

·       Quarter 4 estimated tax payments are due on January 16th.

·       W-2 and 1099 forms are due to recipients by January 31st.

·       S corporation, partnership, and multi-member LLC tax returns are due on March 15th or can be extended by that date.

·       Personal, single member LLC, and C corporation tax returns are due on April 18th or can be extended by that date. April 18th is also the deadline for IRA and HSA contributions for 2022.

·       To minimize stress, it is helpful to have a system in place for organizing tax documents as they come in throughout the year.

[16:00] Closing Segment

• Final words

Key Quotes

“Take the time now to gather all of your tax documents and have a system in place for organizing them. This will make tax season a breeze and allow you to focus more on your business”. – Mike Jesowshek
 

Resources Mentioned

Blog Posts:

·       https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-