FIVE 2023 TAX PREPARATION STEPS - "Let's Get Ready!"

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TAX SEASON HAS STARTED!

Get ready to file 2023 your federal and state tax returns now!

There are five important steps you can take now to help “get ready” to file your 2023 federal and state tax returns.

1.    Contact a certified tax preparer to aid in the process.

a. MCB Consulting Group can help set up a check list of needed items and help you prepare both your federal state tax returns.

b. Contact Us Now! Fill out our online contact form or call (828) 329-8264.

2.    Gather and organize your tax records.

a.    Forms W-2 from your employer(s). Remember, most income is taxable. This includes:

-unemployment income, interest received

-income from the gig economy

-digital assets.

b.    Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity, or retirement plan distributions.

c.     Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy.

d.    Form 1099-INT if you have paid interest.

e.    Other income documents and records of digital asset transactions.

f.      Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance payments or claims Premium Tax Credits for 2022 Marketplace coverage.

3.    Have all relevant social security numbers for yourself, spouse/partner, and dependents.

4.    Note if all those in your household lived at your primary address full-time or part-time.

a. This will show if each resident is a full-time state resident, dual state resident, or college student status.

b. There are other factors to consider and MCB Consulting can help with show state residency status.

5.    Decide if a check or direct deposit refund is right for you.

a.    Direct deposit is the fastest and safest way to get a tax refund. Taxpayers can make direct deposits to bank accounts by supplying their routing and bank account numbers.

b.    Taxpayers requesting a paper check are much more likely to report an issue getting their refund because of non-receipt, forgery, theft, or checks returned to a bad address, compared to taxpayers using direct deposit.

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