Personal Tax Guide: 3 Tax Tips for 2023

Whenever a new year comes around, tax time isn’t far behind. This time consists of gathering documents, making claims, filing returns, and paying taxes. While tax time is easy enough for some people, there are others who may struggle and find themselves dealing with a lot of worries.

Taxes can be stressful, especially if you owe money, and it isn’t uncommon for people to file late, do things incorrectly, or not take full advantage of their unique situation. In an effort to help you out, this guide is going to take you through three very important tax tips you should keep in mind for 2023 and beyond.

Know Where to go for Help

As mentioned in the intro, tax time can be very stressful and confusing to some. While many feel like they need to take on the overwhelming challenge of taxes on their own, that doesn’t have to be the case.

There are likely plenty of tax experts in your area that will be more than happy to help you file your taxes and answer any questions you may have. Not only can these experts help you file easily and ensure everything is done by the book, but they can also help you if you find yourself in some tax-related trouble.

They can help you learn if you qualify for the IRS fresh start program, can help you find creative ways to pay your tax debt, and can help with any past tax issues you may be experiencing.

Also, be sure to start your search and file early, so you have time to do things the right way and aren’t rushed to try and get things done (or to try to find an expert to work with) right before the deadline. For sole proprietorship, you may hire an accountant for sole traders who can help you with tasks such as bookkeeping, tax preparation, and financial planning.

Take Advantage of Credits and Deductions

Another tip is to make sure that you are taking advantage of the various tax credits and deductions that exist. These can reduce the amount of taxes you owe, take down your taxable income, or even potentially give you a refund.

There are several different types of credits and deductions for a variety of people that include homeowner credits, healthcare credits, education deductions, and so many others. Sure, it takes a bit more effort to familiarize yourself with these and apply for them, but it is well worth it. They have the potential to save you a lot, and there is no reason not to at least see if you qualify.

Watch Out for Scams

Another important tip to keep in mind is to watch out for scams. Once tax time rolls around, many scammers attempt to trick taxpayers into sending them money, often pretending to be from the IRS. They know plenty of people are afraid of landing in tax trouble or aren’t very well-versed in space, so they use this information to prey on unsuspecting individuals.

There are many common tax scams and plenty of them involve someone calling or emailing you demanding money or you will find yourself in trouble. While some of these scammers are getting pretty advanced in their tactics, there are still some warning signs to watch out for.

The IRS won’t reach out to you on social media, won’t likely call you first, won’t threaten you, and won’t ask for your credit or debit number over the phone. If you’re ever uneasy about any interaction, it is best to trust your gut and not give out any personal information.

In conclusion, we hope that the tips in this guide have been able to help you better prepare for tax season and ensure you have everything under control.