2021 Is Over! How Should I Prepare For Tax Season 2022?
Accounting and tax are almost unavoidable parts of life. Some of us have businesses that employ professionals to handle our tax and accounting processes all year round. Most of us need help at the end of the year to organize our accounts, get things in order, and avail of all tax deductions.
To help you on your journey to getting your tax situation organized and your taxes managed in a way in a way that makes them simple, the tax experts at SYVERTSEN ACCOUNTING LLC have put together a list offering a few suggestions to ensure 2022 is your year.
1. Access and view your account information online
The IRS website is a beneficial tool for viewing your Economic Impact Payment amounts and accessing your Child Tax Credit updates and amounts received. Here you can also view critical data from your most recent tax return, details of your payment plan, five years of payment history, and any pending or scheduled payments. This information is essential to know and correctly list your 2022 tax return.
2. Gather and organize your tax records
Having all the correct documents is important, and those will come in time. But it would be best to keep track of receipts and information for any deductions and write-offs you want to add to your return. This can include medical and dental expenses, property and real estate taxes, student loans and fees, child care, charitable donations, and more. If you own a business or will be submitting a Schedule C, be sure to keep track of all business expenses, dedicated home office space fees, and mileage/car expenses throughout the year to get the most out of your return.
3. Decide if you should adjust your withholdings
If you owed taxes or received a large refund last year. Changing your withholding can help you avoid a tax bill or let you keep more money each payday. You can use a Tax Withholding Estimator on the IRS website to help you determine the right amount of tax to have withheld from your paycheck.
To learn more about tax solutions that make all the difference, reach out to the experts at SYVERTSEN ACCOUNTING LLC today. Our services include individual and business tax, accounting, payroll, and outsourced bookkeeping services. We serve clients across Columbus, Franklin County, Delaware County, Marion County, and the surrounding areas. We also offer remote services throughout the USA.
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