Streamlining Your Tax Filing Experience with EHTC
As we gear up for the approaching tax season, we understand that this time of year can be accompanied by added stress. At EHTC, we are committed to making your experience as smooth and successful as possible. We believe that staying organized and addressing important details ahead of time can greatly alleviate the pressure associated with tax season.
To ensure a successful outcome, both clients and tax preparers can benefit from early preparation. By submitting your documents in January or early February, you open up valuable time for meaningful communication between you and our accounting team. These discussions often lead to insights that can positively impact your financial bottom line.
Communication is key, and informing your accountant of your expected timeline for gathering information helps in planning for the busy season. Additionally, if there have been any major changes in your tax situation, such as selling a home or acquiring a business, providing this information in advance allows us to tailor our approach accordingly.
As you embark on organizing your financial elements, it's advisable to take stock of your financial activities throughout the year. Consolidate year-end brokerage and bank statements in one location to simplify the process. Create a checklist for the tax-related items you'll likely need, including W-2s, 1099s, 1099-Rs, 1099-Bs, K-1s, SSA-1099s, 1098s, 5498s, Property Tax statements, Charitable Contribution receipts, and Estimated Tax Payment Receipts.
For business owners, now is an opportune time to tidy up your books for year-end planning. Review Accounts Receivable and Accounts Payable, reconcile bank statements, and plan for W-2 and 1099 filings. Be mindful of any deductions or tax law changes that may have occurred in the past year.
Speaking of changes, starting from January 1, 2023, the age requirement for Required Minimum Distributions (RMDs) increased to 73 years old. Additionally, as of January 1, 2023, the deduction for business meals has reverted to the 50% limitation. Bonus Depreciation is also undergoing a phased reduction, starting at 80% in 2023.
Navigating through these updates can seem overwhelming, which is why having a reliable partner like EHTC is essential. We strive to stay ahead of deadlines, offering guidance and ensuring a transparent communication process to avoid any surprises during filing.
Our dedicated team at EHTC remains committed to staying informed about industry standards through continuous education and internal discussions. This commitment enables us to deliver the best possible service to our clients.
If you have any questions or need support, please don't hesitate to reach out to your designated EHTC Accounting, Advisory, or Tax Services team. If you're considering EHTC as your tax partner, feel free to contact us today.
