October 16, 2023, marks the last day Americans can file their 2022 annual taxes. If you requested a tax extension past the traditional “Tax Day” due date of April 18, 2023, that means time is running out to file your annual taxes without penalty.
However, getting the documentation, forms, and other materials you’ll need to file your taxes before the October 16 deadline can be daunting. Especially since business owners and individuals have only days left to get everything in order.
Your best bet for a swift and accurate filing is to partner with a business and individual tax planning expert like Waters Hardy. Even with the clock steadily ticking until October 16 rolls around, our income tax preparation experts at Waters Hardy can thoroughly comb over all the details of your tax return to ensure that your taxes are minimized as much as possible. Also, our team makes sure nothing has been overlooked when it comes to potential red flags.
In the meantime, individuals and businesses that must file their taxes before the October deadline. You should also keep the following guidelines in mind to ensure their 2022 tax return is as accurate as possible.
Income Tax Planning – What Forms You’ll Need to File Your Taxes
The exact suite of forms you’ll need to file your annual taxes may vary drastically, depending on your job, income, and several other situations unique to you.
However, you’ll want to ensure these common IRS forms and supplemental documents are accounted for when finalizing your income tax preparation.
The W-2 that was sent to you by your employer(s).
- If you applied for an extension and are just now filing your 2022 annual taxes, then chances are that these forms were sent to you months ago. Ask your employer for an extra copy of these forms if the original has been misplaced.
1099 and 1099-INT forms.
- These forms outline the interest and other earnings you may have accumulated over the course of the 2022 tax year. Again, if these forms have been misplaced since they were sent at the beginning of 2023. Remember, you can contact your bank or savings institution or look online for a copy of these statements. Chances are that your bank or financial institution has an online portal where all essential tax-related documents from the past several years are located and can be accessed and/or downloaded.
Mortgage interest, property taxes, and other expenses.
- You’ll also want to find bank or lender statements outlining the property taxes, mortgage interest, and other expenses from 2022. Mortgage interest and property taxes (or other taxes) are often among the most significant deductions for homeowners. This is especially true for individuals working from home. Therefore, make sure this documentation is accounted for and not overlooked.
2022 receipts for all deductions.
- Make sure all your 2022 receipts are readily available. This includes everything from items you donated to charity to work expenses like meals and travel. You probably won’t need to provide these to the IRS unless requested, but you’ll want to have them stored away (and separated from current 2023 receipts), just in case.
Looking Ahead to 2023 – What You Need to Know
If you are filing your annual 2022 taxes now before the final October 16 deadline, then chances are you may need a little extra time in the coming year to re-focus your attention and energy on your 2023 taxes.
Just like in prior years, you can request up to six months to file your federal individual tax return. Additionally, the IRS offers three ways to request an automatic extension past the April 15, 2024, due date.
If you think you may need an extension for 2023/2024 as well, you can file for an extension in any of the following three ways, according to the IRS:
- You can pay all or part of your estimated 2023 income tax due before the April deadline. You can indicate that the payment is specifically for an expected extension using IRS Direct Pay, EFTPS: The Electronic Federal Tax Payment System, a debit or credit card, or a digital wallet. If you go this route, you will receive a confirmation number from the IRS for your records.
- You can also e-file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, before the deadline on April 15, 2024, using your personal computer or through a tax planning professional who uses e-file.
- You can file and mail a form of paper Form 4868. Note: Fiscal year taxpayers may file extensions only by filing Form 4868.
Also note that the timeframe of the extension may be altered based on other factors, like where you live. For example, suppose you currently reside outside of the United States. In that case, you’re allowed two extra months (generally until June 15) to file your return and pay any tax due without requesting an extension if you’re a U.S. citizen or resident alien.
Your tax planning professional can help you navigate these due dates and varying scenarios to come up with a game plan and schedule that works best for you.
Tax Planning and Preparation with Waters Hardy
The October 16 deadline quickly approaching. So, it’s completely understandable if you don’t have the forms, time, or bandwidth required to ensure that all your documentation and proper forms are in perfect order.
This is where Waters Hardy can step in and make individual tax planning and preparation easier. Don’t risk filing a return dotted with mistakes and raising red flags. Also, don’t chance leaving money behind that you worked so hard to earn. With the team at Waters Hardy guiding the way, you can rest assured that your annual taxes provide the most financial benefits possible. You can also file your taxes with ample peace of mind that you account all aspects of your tax return.
Let’s discuss how we can help with your 2022 taxes and 2023 taxes. We can also help with your income tax planning for many years to come. We always provide the best service possible to our clients. We’re standing by to take the last-minute burden of tax preparation off your shoulders.