Were You Aware of These Tax Season Tips for 2023? know Here

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Were You Aware of These Tax Season Tips for 2023?

• Tax Season Tips for 2023

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• With tax season just around the corner, its time
  to start thinking about how youre going to spend
  your hard-earned money. If you havent
  started tax preparation for this year yet, now
  might be a good time to think about whether or
  not the tax system is still working for people
  like you. After all, there are so many ways in
  which we can get our money back and if there
  were ever an opportunity for someone paying taxes
  early on their investment returns and building
  nest eggs instead of spending them all at once
  (like me), this would be it! So here are my top
  tips for getting ready for this year

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Have you Received Your Tax Return?

• Youve received your tax return, and now its
  time to make sure that you have everything in
  order. If youre not sure what to do next, here
  are the tax season tips!
• First off, take a look at your state tax return.
  If you were able to get a refund from the state
  of California this year and if not, why not?
  check out how much money was taken out of your
  pocket without any warning or explanation. Also,
  note whether any errors on their end need fixing
  before they can send out checks for those who
  filed returns during 20182020 (if so).
• Next up federal taxes! Make sure all of this
  information is correct as well otherwise theyll
  have no choice but to send another round of
  adjustments down the pipeline (which means more
  late fees). Finally remember although this might
  seem like an overwhelming process after receiving
  two refunds already today alone dont forget
  about yourself too!

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You Should File Your Taxes as soon as possible.

• If you do not file your return by April 15, the
  IRS will impose a penalty of 205 per return due
  to missing or incomplete forms. This can add up
  quickly if you have multiple returns and owe
  money.
• If you file late or dont pay in full on time,
  interest may be charged at a rate of 25 per
  annum (or sometimes more) on any unpaid balance
  that remains after filing an extension with the
  IRS. Late filing penalties are also assessed if
  there is no reasonable cause for missing this
  deadline however, they are usually less severe
  than paying interest on any outstanding balances
  owing from previous years taxes without filing
  before April 15th each year.
• If you are unable to meet your tax obligations by
  the end of the year, contact an experienced tax
  attorney for help filing late. The penalties
  associated with missing this deadline can be
  high, but certain circumstances allow for tax
  extensions.

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Make sure you have enough money to cover your tax
bill.

• Of course, an arbitrary tip for tax season. But
  if you dont have enough money, consider making
  payments over time or using a credit card instead
  of cash.
• If you cant pay the tax bill in full, consider
  making payments over time. If youre eligible for
  an installment agreement and want to make
  payments on your own, use Form 9465 to apply for
  one.
• If you want to use a credit card, consider doing
  so only if youre able to pay off the balance
  immediately. If not, consider making payments on
  your own via Form 9465 instead.
• If youre unable to pay your tax bill in full and
  dont have a credit card, consider making
  payments over time. You can apply for an
  installment agreement with the IRS using Form
  9465. This will allow you to make monthly
  payments on your own instead of having one taken
  out of each paycheck. If you want to use a credit
  card, consider doing so only if youre able to
  pay off the balance immediately.

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Invest in self-employed Health Insurance.

• While its true that most people have health
  insurance through their employer, there are still
  a lot of self-employed people who pay for their
  health insurance. This can be costly and you may
  want to consider switching to another plan if
  youre self-employed and eligible for coverage
  through the Affordable Care Act (ACA).
• If this is something that interests you, dont
  worry! The process is easy just contact your
  local marketplace and apply online! Youll need
  proof of income from either W-2s or 1099s to
  confirm eligibility otherwise, they wont accept
  your application until next year when tax season
  rolls around again which means no refunds until
  then either!
• If your income is too high to qualify for
  subsidies, you can still consider other options.
  If youre self-employed, you may be eligible for
  the Small Business Health Options Program (SHOP).
  This program allows employers with fewer than 50
  full-time employees (and their families)

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Dont forget to send any interest payments from
your 401(k)s or IRAs back

• Its easy to forget that interest on your 401(k)
  or IRA is taxable. But its not just the money
  you paid out in interest that needs to be
  reported, but also the number of earnings that
  were reinvested into those accounts. If you have
  any questions about whether or not these payments
  should be reported as income, consult an
  accountant or financial advisor before submitting
  your return filing deadline date so they can help
  determine if this information needs to be
  included in your tax return.
• The same goes for any other type of account from
  which a payment was made if theres any doubt
  about whether or not this type of transaction
  should be included in your return filing deadline
  date and/or how much income should be taxed on
  said transactions (which could include things
  like dividend income), then seek out professional
  advice ASAP!
• If you have any questions, you can visit the IRS
  website to find more information about filing
  your taxes and reporting interest income. That
  may help you jot down a few more tips for tax
  season 2023.

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Use a tax-free bond as part of your emergency
savings fund.

• If youre looking for a way to save for
  emergencies, consider using a tax-free bond as
  part of your emergency savings fund. Tax-free
  bonds are long-term investments that provide
  interest income at no cost to you. They can also
  be purchased through your brokerage account or
  directly through the bank where you have an
  account (if it offers them).
• While they arent nearly as liquid as stocks and
  ETFs, bonds will provide some stability over time
  if things get rough in the financial markets and
  inflation rises unexpectedly.
• In addition to using these bonds as part of your
  emergency fund, you can use them for other
  long-term savings goals. For example, if youre
  saving for retirement or college tuition,
  tax-free bonds are a great way to grow your money
  without paying taxes on the interest.
• Tax-free bonds have many advantages over other
  types of investments. For example, theyre
  typically safe investments that are less likely
  to lose money during a downturn in the market
  than stocks or ETFs. They also provide an
  additional benefit in that you can use the
  interest income to offset your taxable income
  when you file your taxes each year.

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Take advantage of any credits and deductions that
can help reduce your tax burden.

• If youre eligible for a credit or deduction,
  its important to take advantage of them. For
  example, if you paid for health insurance and
  qualified for the Affordable Care Act Marketplace
  tax credit, this could reduce your tax bill. You
  can also claim an additional Earned Income Tax
  Credit (EITC) if your income is low enough some
  families may even qualify for both!
• If there are any credits or deductions that apply
  to your situation but arent listed above, dont
  worry about it just find out here at Global FPO
  so we can help. And remember Its never too late
  to file!
• If you didnt have health insurance in 2018, it
  may be too late to claim a tax credit or
  deduction. However, if you qualify for an
  exemption from the Affordable Care Acts mandate
  penalty, you can still claim it on your tax
  return.

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Hire a professional to help you with your return
if necessary

• If its necessary to hire someone to file your
  taxes this year, there are some things to keep in
  mind before signing any contracts
• Dont use free software like TurboTax (or other
  similar products). Youll have higher quality
  returns and more accurate calculations if you use
  paid tax services that come with support from
  experts who can answer questions quickly.
• Get quotes from multiple companies so that you
  can compare prices before making a decision on
  which company will do the job best.
• Get a list of all the fees that will be charged
  so that you can compare prices before making a
  decision on which company will do the job best.
  Ask about any additional costs, such as an extra
  charge for filing state taxes or anything else
  that was not mentioned in the initial contract.
• Conclusion
• I hope this PPT about tax season tips has given
  you some helpful tips to consider as you prepare
  your taxes. Remember, the sooner you file, the
  better! If you want to hire a tax accountant in
  Colorado springs on this tax season, connect with
  Answers! Accounting CPA Today.

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Contact us Today to learn more about how we can
help you save on your taxes!

• Website- https//www.answers.cpa
• Call Us- 1 [phone]
• Email- JenJones_at_Answers.CPA
• Address- 1755 Telstar Dr, 3rd Floor Colorado
  Springs, CO 80920