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Income Tax Checklist for 2023

January 13, 2024
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It’s the start of a new year, but you still need to make sure you’re ready to file your taxes for 2023. Hopefully you made the most of last-minute donations, purchases, sales, and more to get you the best results come tax time. Of course, when working with a CPA in San Antonio TX, like the Gonzales Group, you can count on an efficient, smooth, and solid tax prep experience. Still, to get you ready to file, here are a few tips.

As you prepare for April 15, there are various documents and more that need to be prepared to help ensure you make the most of your tax savings.

Start by making sure you have the prior year’s federal and state tax returns. You’ll also need your quarterly estimated tax payment records. It’s important to keep detailed records of your calculations and the payment amounts you submit quarterly to the IRS. You’ll also need income records, such as 1099s and other tax forms to help you prepare your tax return.

As a business owner, you’ll also need to provide personal information that goes beyond your Social Security number. You’ll need ownership percentages and other details. You’ll also need your business’s details, including the general ledger and all bookkeeping records. This will include profit and loss statements, expense categories, balance sheets, etc.

It’s also important to keep track of the important dates. For example, 16 January is the due date for your 2023 fourth quarter tax payment estimates. On 23 January, the IRS tax season officially begins, so you can start turning in your complete tax returns at this date. Of course, 15 April is the big due date nationally to file or request an extension. Finally 15 October is the due date if you filed for an extension.

Making sure you have all of your necessary paperwork and documents, as well as helping you make the most of deductions and other tax saving strategies is where an experienced CPA in San Antonio TX really comes in handy. Let the Gonzales Group help you with your tax filings so you can focus on your business.

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