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It’s almost that time of year again, and NTRC Tax & Finance LLC wants you to be as prepared as possible. After all, being prepared means no last minute anxiety or buzzing around looking for documents! Today, we’re going to give you a 2023 taxes checklist of items you should take care of now – before your taxes are due – so that you can navigate the 2023 tax season with ease. Let’s get started and get you your checklist!

2023 Taxes Checklist for the 2023 Tax Season:

#1: Gather Last Year’s Tax Return Information

You’ll need last year’s tax documentation for cross-checking and some deduction items, so make sure you have this handy. If you used an online tool last year, log in and print out the documents it generated.

#2: Make Sure You Have All the Numbers You Need

There’s nothing worse than not having everything you need in front of you. If you don’t know any of the numbers below by heart, make sure they’re collected (somewhere safe) and ready to go for the 2023 tax season:

  • Social Security Numbers
  • Identity Protection Pins
  • Bank routing & account numbers

#3: Make a List of Your Income Sources and Check Them Off as You Receive Them

Most employee-style workers will get a W-2 from their employer sometime in January or February. However, if you’re a freelancer, contractor, or another type of self-employed individual, your income data collection might be a little more involved (you may have a W-9 you need to get). Start compiling your gross income for the year now so you don’t have to rush to do it later!

#4: Start Preparing Your List of Deductions

This is where the majority of your preparation time can be spent. It’s almost the end of the year, so you’ll have a pretty good idea of what this number will look like. Start combing through the year to make sure you don’t miss out on any deductions. Remember to look for things like:

  • Gather information about your retirement account contributions (remember you can contribute up to 6,500 to your IRA every year, so if you want to max that out, now’s the time).
  • Start gathering a line-item list of your charitable donations (church tithe, thrift donations, and more).
  • Education expenses like books, paper products, writing utensils, transportation, and more. Interest paid on student loans also falls into this category!
  • If you paid more than 7.5% of your income in medical expenses, that could count as a deduction for you, so if you had a surgery or something else expensive, make sure to add up those expenses and see if you can deduct that.
  • You can also deduct property taxes and mortgage interest from your taxes, so getting a hold of those numbers will be useful, come 2023 tax season.
  • Any other deductions you qualify for, make a list of them and start gathering documentation, if necessary.

#5: Consider Your Tax Credits for 2023 Taxes

Are there any tax credits you’ll qualify for that you’ll need documentation for? Start preparing now by gathering documents you have and making a list of the documents you’ll need but don’t have yet. If you have a master list of the things you need to start your taxes, you’ll know when you’re ready to get started.

#6: Any Tax Payments You’ve Already Made Towards 2023 Taxes

Since it’s the last month of the year, you’ll also probably be making your last estimated tax payment soon. If you’re a self-employed business owner or freelancer, don’t forget about this important piece of the tax pie!

Don’t Love Doing Taxes? Contact NTRC Tax & Finance, LLC for Help with Your 2023 Taxes!

Taxes aren’t the most fun thing on the planet for most people, and we completely understand that. If you’re looking at this checklist and feeling a little overwhelmed, take a deep breath and contact us. We know that taxes are a big job, and you might need a little help. We can help take some of that load off and free up your time for more important things like family!

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