Sabu Syriac MBA, CPA
The 2023 Tax filing season officially starts on Monday, January 23rd. Some people file their taxes early, but for a few taxpayers it makes sense to do so. Here are a few common reasons to consider trying to be ahead of the line:
- Avoid identity theft. One of the more common scams by identity thieves is to impersonate innocent people, file a tax return on their behalf and steal their refund check. However, once you have filed your tax return, the window of opportunity for identity thieves closes. If you have an issue with your identity being stolen in the past or your information has been compromised, then consider filing your tax as soon as you can.
- Avoid a dependent dispute. One of the most common causes a tax return is rejected by the IRS is when you try to claim a dependent who has already been claimed by someone else. This frequently occurs when there is shared custody of a child.
- Someone needs a finished tax return from you. Finalizing certain transactions requires your most recent tax return as evidence of your income, for example when you buy a house. Be concerned about filing your tax return soon so you can provide current tax information. This is particularly important if you are self-employed and don’t have regular salaried pay stubs to use as proof of income.
- You need the refund Soon: Of course, every person would like to have their refund as soon as possible. One thing to remember, though, is that when the IRS begin accepting tax returns in January, they won’t start processing them until mid-February. Returns that claim the Earned Income Tax Credit and the Additional Child Tax Credit will see the processing of their returns start sometime after Feb. 15. Its better you make your tax return wait in line than file late. This will help you receive your refund early.
- You just need to get it out of the way: * Filing a tax return is stressful.
Instead of thinking about your return for numerous months and potentially hitting the deadline as the April filing deadlines get closer and closer, you may want to just get it over with and file your return ASAP.
Here are a few ways to make sure that your tax return is organized and filed as promptly and accurately as possible.
- Keep tax documents in single place. Missing tax documents are one of the major causes that filing a tax return gets late! If you obtain documents via both physical mail and e-mail, it’s important that you have one place to save all your documents once you accept them.
- Manage your tax documents by class. To help out to make filing your tax return as simple as possible, sort out your tax documents in tax return order. Glance through the previous year’s tax return and create a folder for each section including business, income, and rental information, adjustments to income, tax credit information, itemized deductions, and a miscellaneous bucket.
- Make a list of specific events from the previous year. You receive a Form W-2 from your employer each year. If you are in business, you likely receive a Form 1099 from certain clients each year. But particular tax documents you won’t see each year. Selling a home doesn’t occur every year for most people. Also getting married (or divorced) or sending a kid to college. So, create a list of special events that have happened over the last year, as some of these circumstances may affect your taxes.
- Don’t forget your signature! You (and your partner, if married) must sign and date your tax return if physically mailing it to the IRS. Forgetting to sign may delay the processing of your return (and potential tax refund) by some months. If e-filing, do not forget to sign Form 8879. This form sanctions the e-filing of your tax return.
- Electronically file your return. You can avoid getting your physical return missed by the Internal Revenue Service by electronically filing. Infact, you can receive any refunds within one to two weeks when electronically filing.
As you watch for your forms to arrive, remember to reach out to schedule tax filing appointment, as early appointment will help assure get all the questions answered ahead of the April filing deadline and please feel free to call our office for any questions or information that you may need.
For more information contact:
Sabu Syriac MBA, CPA (Certified Public Accountant, Tax Strategist, Business Consultant)
Syriac CPA Tax & Accounting Services Inc.
18500 Pioneer Blvd, Suite # 204
Artesia, CA 90701
Phone -8189609758, Office-562-202-9697, Email: syriaccpaoffice@gmail.com
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