WACO, Texas (FOX 44) — Today marks the first day of the 2023 tax filing season. So what is it that tax payers really need to know?
In the past few years battling the ongoing Covid-19, several extensions were put into place to ensure people had time to file their taxes.
Now, the 2023 filing deadline is Tuesday, April 18. Those who fail to file their taxes within that period of time, may have to pay penalties as high as 5% for each month they are late.
“Under Covid, you had some additional time to pay tax file returns and so forth. All of those are gone,” shares Owner of Sam M Griffin & Company and licensed CPA Sam Griffin.
Everyone’s tax filing process will vary but here are some general ways to prepare for the 2023 filing season:
- Making sure your documentation like Social Security, W-2’s, and income statements are accurate and up to date.
- Being aware of your personal situation, that could include unemployment information, filing for multiple streams of income, or investments.
- Knowing the different ways to file, online if you have a less complex return or with an expert for any return.
And the most important tool is to educate yourself and to not be afraid to ask experts questions that will help in your 2023 tax filing process.
Filing your taxes in a timely matter is also key to receiving your tax refund sooner. Certified Public Accountant Sam Griffin offers some advice on how to spend your tax refund wisely.
“Don’t waste it, okay. Save for retirement and pay off your bills. Invest it. Don’t, don’t waste it.”
For more information on preparations for filing your taxes for 2023, you can visit here.