5 Tips For A Smoother
Tax Season

Tax season doesn’t have to be a hassle. Cruise through your 2022 receipts and documents to make filing this year’s tax return a breeze with these handy tax tips:
 

1. Get an early start.
   • Starting Monday, January 23, 2023, the IRS will begin accepting 2022 tax returns. Remember, the earlier you file, the earlier you can receive your return (if you are due one).


2.  ​Stay organized.
   • Ensure you have the most common tax documents on hand before braving your 1040 (one of the most common income tax forms). Gathering all of your documents in one place helps ensure a straightforward filing process, so be sure to collect:
     • Crucial tax documents like W-2s, 1099s, 1095s, 1098s.
     • Important numbers like your Taxpayer Identification Number (TIN) or Employee Identification Number (EIN).
     • Your Identity Protection Personal Identification Number for 2023.
     • Documents verifying any investment income, money earned through stock/cryptocurrency, and/or money earned from interest bearing accounts.
     • Documentation for credits and deductions.


3. Get tax prep help.
   • Don’t get lost in the March rush!  If you’re enlisting the help of a tax preparation professional, contact them as early as possible this tax season, as many tax preparation agencies stop taking clients as the deadline approaches.
   • Prefer to use tax software instead? If your Average Gross Income is $73,000 or less, you can file your return for free with IRS Free File. You can also use one of the many paid tax preparation software options available.


4. Reduce your tax bill.
   • A little research could help reduce the amount you need to pay. Here are some common deductions and tax free contributions to explore:
     • Tax credits
     • College tuition
     • Fourth quarter estimated tax payment
     • Retirement fund contributions
     • HAS contributions
     • Work-related deductions
     • Earned Income Tax Credit (EITC).


5. Get your refund by direct deposit.
   • Setting up a direct deposit with the IRS is the fastest way to get your refund after filing. Plus: The IRS suggests that it’s the safest and easiest way to get your refund. If you’re savvy about saving, you can even split your refund between your checking and savings accounts.
   • Did you know you can have your refund directly deposited on a prepaid card? For more information on managing your refund, as well as how to get the most out of your money, check out the FDIC’s comprehensive article on tax refunds.

Remember: The deadline to file is Tuesday, April 18, 2023.
 

Apple Bank is not a tax advisor. This information is for educational purposes only.  For specific advice about your unique circumstances, you may wish to consult a qualified professional.