Associates Book Keeping

Checklist – Everything You Need For A Smooth 2023 Tax Day

According to statistics, as many as 56% of Americans surveyed confess that they hate Tax Day. That’s not surprising, considering that many will end up owing money

According to statistics, as many as 56% of Americans surveyed confess that they hate Tax Day. That’s not surprising, considering that many will end up owing money. To further complicate matters, the tax code is not always easy to comprehend. For most small businesses and individuals, Tax Day is about their least favorite of the year. The key to making it through April 18th 2023 unscathed is being prepared. Use this checklist to make Tax Day less punishing, frustrating, and expensive, and you just may become one of the 44% of Americans who don’t mind the April 18th deadline so much!

Personal Information

One of the most obvious things that you will need at hand is the personal information needed to complete your taxes. They include:

Your Previous Year’s Taxes, Federal and State

Even if you don’t need them, it is a good reference guide to complete this year. It will also give you some guidance about how you are doing this year versus last to make decisions about how to file for the new year ahead for maximum benefit.

Social Security Numbers for You, Your Spouse, and Any Dependents You Intend to Claim

You will need the Social Security numbers for yourself, your spouse, and your children, if applicable. There are often times when you can include your elderly or aging parent(s) or other people who are truly dependent on you.


You will need to gather all of the documentation that you have to confirm what money came in and what went out during the previous year.

W2 Forms

All employers must issue employees a W2 form by January 31st, 2023, so be on the lookout for tax forms when the mail arrives. They can also be delivered electronically for some employees, so keep watch for them.

1099 Forms

If you are an independent contractor or are paid, but not employee status, then you will receive what’s called a 1099 form. For instance, a 1099-MISC will cover you if you do freelance or contract work. If you are paid via PayPal or Venmo, you will probably get a 1099-K. For investment earnings, you will have to file a 1099-INT for any interest, a 1099-B for broker-initiated transactions, and a 1099-DIV for dividends.


Your income can be offset by any tax deductions that you can claim. They will help to lower your overall tax contribution. The key to claiming deductions is in the amount of documentation you have as proof. If you claim something and have no verification for it, it can lead to you getting audited, which is never a good thing. Take the time to really research what you have spent this year to gain the most benefit from offsetting costs versus income. The additional time can end up saving you a whole lot and decreasing what you owe!

Use a Form 1040 for some deductions or you can itemize all of your expenses using a Schedule A. Just make sure you have proof to back up your deductions in the form of documentation to avoid the consequences that can come from an audit.

Retirement Account Contributions – You can deduct contributions to self-employed retirement accounts or traditional IRA accounts. Be aware of any contribution maximum limits.

Medical Bills – You can deduct medical bills if they total more than 7.5% of your adjusted gross income, in most instances.

Educational Expenses – If you are a full-time student you can deduct things like tuition and fees, as well as any interest that you accumulate on your student loan debt. You have to fill out a Form 1098-T, however, to verify that they were actually educational expenses. A Form 1098-E will help detail your student loan debt.

Charitable Donations – Throughout the year it is important to put away receipts for any charitable contributions you make. The IRS can deny your claim if you don’t have a receipt to back it up.

Mortgage Interest and Property Taxes – If your mortgage includes your property taxes in escrow, you can include it on a Form 1098 sent by your lender. You can also claim a Schedule A, which will include your home loan interest accrual.

Classroom Expenses – Eligible educators and teachers can deduct up to $250 as long as it was specifically spent on classroom supplies.

Local and State Taxes – You can deduct your local and state taxes (up to as much as $10k for property taxes). You don’t need to provide a receipt because the IRS tables average amounts that you are allowed to claim, but for any major purchases, you might need to provide a receipt for verification.


For some, tax credits are available as incentives that convert per dollar minus whatever you have spent. You will need to have documentation to verify any claims that you make. Some popular credits via taxes are:

Child Tax Credit – It can be worth up to $3600 per child. If you adopted it in 2020, you might be eligible for more.

Retirement Savings Contribution Credit or Saver’s Credit – If you made contributions to your 401(k), IRA plan, or similar employee program, you might be able to claim it.

American Lifetime Learning and Opportunities Credit – Education-related credits can save you significantly. However, a Form 1098-T is necessary to make any claims for these types of credits.


Most employees have taxes withheld so that they don’t owe a large sum come the end of the year. If you made payments throughout the year, have verification and documentation ready.

As we roll quickly into 2023, tax season is in full swing. Due to the conditions of COVID and other special circumstances, this year will probably be challenging for individuals looking to reconcile their taxes. If you need help compiling or filling out your taxes for 2022, contact our firm. It is always best to get the help of professionals who know where to look for money and how to save you the most possible. Contact us today to schedule your tax consultation!