It’s Tax Season Survival Time
I want to share some tips and strategies with you that may help your business to be prepared for Tax Season. Let’s delve into important deadlines, deductions, credits, social security, and things you want to be award of.
Tax season starts when individuals and business owners begin to prepare their documents for filing. Most begin in January for a mid-April deadline.
Key things to consider:
- Understand your tax filing status. Determine your tax rate, your standard deductions, your eligibility for credits and deductions.
- Pull all your documents together, including W-2s, 1099s and 1098s.
- Decide on going DYI or hiring a professional company to prepare your taxes. Doing your own can save you money but are you up to date on the current codes and benefits you can take advantage of?
- Max out your retirement contributions and IRAs.
- Adjust withholdings.
- If you are working and collecting social security? You will see a 8.7% increase for 2023 and maximum earnings went from $147K to $160K.
- If you earned income in 2023 and we hope you did, you will need to file a federal tax return and most likely a state tax return.
At Business Solutions by Design, we are here to support you and help you be best prepared for talking to your tax accountant. Let us answer your questions and make sure you well prepared. Email us at info@businesssolutionsbydesign.com
