6 Steps to a Simple Tax Season
Ready to make 2023 your easiest tax season yet?
We’re excited to support you and keep you updated during these times where the tax statues are changing so frequently!
So, let’s get you started:
Step 1: Relax and know that it’s all going to be okay! As you go through each of these steps, remember that we’re one call or email away, so anytime you start to get frustrated, reach out.
Step 2: Review our 2022 Tax Organizer and start filling it in. Do your best. Don’t worry if you don’t understand everything or have all the info, just get started and complete as much as you can.
Step 3: Start assembling the tax documents that are referenced in the 2022 Tax Organizer. Grab any tax documents you think might be relevant - like W-2s, 1099s, 1098s, 1095s, any earnings statements you get from banks or financial institutions, mortgage interest statements, student loan interest statements, charitable contribution statements or receipts, 2022 unemployment 1099G, and more. TIP: If you can’t do it all at once, set aside a little time each day to scour your desk, those mail stacks in the kitchen, and even your email inbox - a lot of tax docs are coming that way, these days.
Step 4: Schedule a call with us. Reaching out via our Contact Us page or directly at support@CollaborativeBusinessServices.com. We’ll talk through all the next steps.
Step 5: Send us the Tax Organizer and all the documents you collected. We accept them electronically (if you want to scan them so you don’t even have to leave the house!), or you can ship/mail them to us.
Step 6: Sit back, wait to hear from us, and let us do all the work! We do all our filings electronically, so once the return is done, you’ll have a chance to review it and then virtually sign it through our tax program. Once you’ve done that, we’ll e-file it and you’re done!
Now, what if you have a Business or a Non-Profit Organization, and/or you’ll need a Schedule C on your individual return?
You’ll do all the steps above, AND here are a couple of extra steps you’ll take:
Step 2a: Organize your business-related expenses in one place or finalize your 2022 accounting software files. There is no business tax organizer. We work with what you’ve accumulated in spreadsheets, software files, and hard copies throughout the year. If you don’t have a business expense organizer, you can use this 2022 Income & Expense template to help you out. If you haven’t finished updating your spreadsheet or your QuickBooks (or other electronic accounting software) file, now is the time!
Step 3a: Compile any tax documents related to your business. Include anything you have questions about; we’ll know what to include or exclude. Collect any downloads or information from any payroll processing services.
Step 5a: Electronically send or share your accounting software file(s) with us. Most of our clients share their QuickBooks files or their Google Sheets/Excel spreadsheets with us.
Other Questions We Simplify!
What if I can’t afford to pay my taxes due?
Believe it or not, this is not uncommon. We can walk you through some of the options the IRS makes available to those who cannot pay on time. Don’t let a shortage of resources prevent you from getting your taxes filed on time.
What if I haven’t filed in a while and have multiple years of tax returns due?
Again, this is something we see often - especially when life gets crazy or when the taxes are complicated. We’d be excited to help you get caught up! We recommend starting with one year at a time to get some momentum, but we can do as many as you’ve got data for. You’ll follow all of the steps above. If you don’t have the tax info you think you need, reach out and we’ll talk about what we absolutely need to have to get the returns done and filed. We guarantee you’ll feel much better when you’ve knocked this off your list.
What if I’m not ready to file? How long do I have?
The filing day for Individual federal and state tax returns is April 18th for 2023.
If your business is a sole proprietorship or LLC structured as a sole proprietorship, your business income passes through to your personal tax return, so the April 18th date will apply to you.
If your business is structured as a partnership, S-Corporation, or an LLC structured as a partnership or S-Corp (also known as a “pass-through” entities), your taxes are due on March 15, 2023.
If your business is structured as a C-Corporation or an LLC structured as a C-Corp, the filing date is April 18th.
Non-Profit / Tax-Exempt Organization tax returns are usually due on May 15th, however it does depend on the ending date of the organization’s tax year.
If you’re still not ready to file by March 15th (if you have a corporation) or April 18th, then you’ll need to file an extension. The extension deadlines for the 2022 returns are as follows: Partnerships and S-Corps - September 15th; Individuals and C-Corps are given until October 15th.
Key Take-Away: Don’t Stress. Taxes can be Simple. Let us help!
Remember, don’t hesitate to reach out with questions about how we can support you!