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The Upcoming 2023 Tax Season And What You Need To Know

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It’s a new year, and many people are already anticipating the need to get their taxes in order. That could be because the official tax-filing season is scheduled to start on Monday, January 23rd. That is less than two weeks away. Another thing to think about is that Tuesday, April 18th arrives rather quickly, and tax preparation can vary from extremely difficult to relatively easy.

Using a professional tax service might be the best option for those individuals with many deductions. The more difficult the forms, the more sense it makes to hire someone to prepare your taxes for you. When a person has few or no deductions, taxes can easily be prepared by the individual rather than paying someone to do it.

Technology has made it virtually worry-free to prepare income taxes with the help of tax preparation software such as TurboTax. Everyone must file their taxes yearly, and many people have issues with the whole procedure. This is why professional tax services such as H&R Block have become so popular, as they offer individuals precisely the assistance they need to deal with the dreaded tax preparation. In this blog post, we’ll explain some new things about this upcoming tax season and what you might need to know.

Less Stress –

Filing taxes can often be more challenging than it appears at first. Many people become stressed in the wake of having finished their tax filing only to find they committed an error. Since there are many things that you ought to consider when filing your taxes, mistakes can easily happen. Hiring a tax person to deal with all the fine print for you, can help ease this stress and leave you confident that everything has been prepared without error.

Knowledge of the Tax System –

Many people use tax preparation software or free services to file these days, and while these services are useful, they don’t have the same personal stake in saving you money. Tax preparers are compelled to find the greatest number of deductions for their clients. They also are the point of contact for the IRS should there be an issue with your returns. Any issues can often be much more easily resolved with the assistance of someone who understands the tax system and requirements of the IRS.

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Help with Planning –

Regardless if you have a basic tax return, it can be beneficial to hire an expert to help you prepare for any expected financial changes that may occur in the upcoming year. In the case of a change in employment, the possible purchase of a house, changing your assets, or investing, an expert can enable you to financially prepare. Hiring a tax person opens the opportunity for great financial advice. A tax professional can advise you on everything from the tax benefits of a 401k plan to the different tax write-offs you can receive for continuing your education or starting your own business. Even having a baby can open many benefits for the following tax year.

Help with Familial Situations –

There are also times when unexpected events happen that you may have never known could have an impact on your tax return and how you should be filing. In the unfortunate event that your spouse passes away, many changes will occur in your tax preparation. If you begin caring for your elderly parents, there are multiple deductions that could be overlooked on your tax documents. Other situations, such as helping to pay for your grandchild’s college tuition, adopting a child, or even mistakes on your previous tax return, can change the way you should file.

Tax Preparation Software –

Using software or an online service is easy and will usually save you money. Tax preparation specialists can charge high fees to do your taxes. Online services lead you systematically through the entire process. The great thing about using online software to prepare taxes is that it will tell you immediately if you qualify for deductions that you did not know were available. There are no guessing games when you use this type of software or online service.

Going through the IRS website allows some people to complete their federal taxes free of charge. The site will lead you to different tax preparation sites. The user simply chooses the one that is best for him or her.

Not as Hard as You Think –

Instead of paying hundreds of dollars to get taxes prepared by a professional, a person might be able to spend less than a hundred dollars to get the same results. Tax professionals sometimes miss important information that could make a huge difference in the tax return. It’s rare, but it has happened before. Some people claim to get a larger refund when filing taxes on their own than they get from a tax professional. You do not have to know all the tax laws because the software will do the work for you. Simply fill out the information from the W-2, then answer simple questions to get the best results.

Conclusion –

While tax preparation software is helpful in breaking down the complexities of the tax system, sometimes having a tax professional that understands your specific situation and financial needs is a better option. Each person’s tax situation is different, and having someone actively on your side can be a comfort and asset.

If you are currently in debt or struggling to pay your monthly bills, it might not be worth the extra expense to pay a professional tax preparer this year. If you need help sorting out your finances and getting out of debt, the credit counselors at AdvantageCCS can help. Contact us today!

 

Disclaimer: The information provided is for informational purposes only. The materials are general in nature, are not offered as advice or guarantee, and should not be relied upon without advice from an attorney or a financial advisor. Reading the information does not constitute a legal contract, consulting, or any other relationship with Advantage Credit Counseling Service.
Author: Lauralynn Mangis
Lauralynn is the Online Marketing Specialist for Advantage CCS. She is married and has two young daughters. She enjoys writing, reading, hiking, cooking, video games, sewing, and gardening. Lauralynn has a degree in Multimedia Technologies from Pittsburgh Technical College.