Were You Aware of These Tax Season Tips for 2023? know Here
                     Were You Aware of These 
Tax Season Tips for 2023?
Tax Season Tips for 2023
With tax season just around the corner, 
it’s time to start thinking about how 
you’re going to spend your hard-earned 
money. If you haven’t started 
tax preparation for this year yet, now 
might be a good time to think about 
whether or not the tax system is still 
working for people like you. After all, 
there are so many ways in which we can 
get our money back — and if there were 
ever an opportunity for someone paying 
taxes early on their investment returns 
and building nest eggs instead of 
spending them all at once (like me), this 
would be it! So here are my top tips for 
getting ready for this year:
Have you Received Your Tax 
Return?
• You’ve received your tax return, and now it’s time to make sure that you 
have everything in order. If you’re not sure what to do next, here are the tax 
season tips!
• First off, take a look at your state tax return. If you were able to get a refund 
from the state of California this year — and if not, why not? — check out 
how much money was taken out of your pocket without any warning or 
explanation. Also, note whether any errors on their end need fixing before 
they can send out checks for those who filed returns during 2018–2020 (if 
so).
• Next up: federal taxes! Make sure all of this information is correct as well; 
otherwise they’ll have no choice but to send another round of adjustments 
down the pipeline (which means more late fees). Finally remember: 
although this might seem like an overwhelming process after receiving two 
refunds already today alone — don’t forget about yourself too!
You Should File Your 
Taxes as soon as 
possible.
• If you do not file your return by April 15, the IRS will 
impose a penalty of $205 per return due to missing 
or incomplete forms. This can add up quickly if you 
have multiple returns and owe money.
• If you file late or don’t pay in full on time, interest 
may be charged at a rate of 25% per annum (or 
sometimes more) on any unpaid balance that 
remains after filing an extension with the IRS. Late 
filing penalties are also assessed if there is no 
reasonable cause for missing this deadline; 
however, they are usually less severe than paying 
interest on any outstanding balances owing from 
previous years’ taxes without filing before April 
15th each year.
• If you are unable to meet your tax obligations by 
the end of the year, contact an experienced tax 
attorney for help filing late. The penalties 
associated with missing this deadline can be high, 
but certain circumstances allow for tax extensions.
Make sure you have enough 
money to cover your tax bill.
• Of course, an arbitrary tip for tax season. But if you 
don’t have enough money, consider making 
payments over time or using a credit card instead 
of cash.
• If you can’t pay the tax bill in full, consider making 
payments over time. If you’re eligible for an 
installment agreement and want to make payments 
on your own, use Form 9465 to apply for one.
• If you want to use a credit card, consider doing so 
only if you’re able to pay off the balance 
immediately. If not, consider making payments on 
your own via Form 9465 instead.
• If you’re unable to pay your tax bill in full and don’t 
have a credit card, consider making payments over 
time. You can apply for an installment agreement 
with the IRS using Form 9465. This will allow you to 
make monthly payments on your own instead of 
having one taken out of each paycheck. If you want 
to use a credit card, consider doing so only if you’re 
able to pay off the balance immediately.
Invest in self-employed 
Health Insurance.
• While it’s true that most people have health insurance 
through their employer, there are still a lot of self-
employed people who pay for their health insurance. This 
can be costly and you may want to consider switching to 
another plan if you’re self-employed and eligible for 
coverage through the Affordable Care Act (ACA).
• If this is something that interests you, don’t worry! The 
process is easy: just contact your local marketplace and 
apply online! You’ll need proof of income from either W-2s 
or 1099s to confirm eligibility; otherwise, they won’t 
accept your application until next year when tax season 
rolls around again — which means no refunds until then 
either!
• If your income is too high to qualify for subsidies, you can 
still consider other options. If you’re self-employed, you 
may be eligible for the Small Business Health Options 
Program (SHOP). This program allows employers with 
fewer than 50 full-time employees (and their families)
Don’t forget to send any interest 
payments from your 401(k)s or IRAs back
• It’s easy to forget that interest on your 401(k) or IRA 
is taxable. But it’s not just the money you paid out in 
interest that needs to be reported, but also the 
number of earnings that were reinvested into those 
accounts. If you have any questions about whether 
or not these payments should be reported as 
income, consult an accountant or financial advisor 
before submitting your return filing deadline date so 
they can help determine if this information needs to 
be included in your tax return.
• The same goes for any other type of account from 
which a payment was made: if there’s any doubt 
about whether or not this type of transaction should 
be included in your return filing deadline date and/or 
how much income should be taxed on said 
transactions (which could include things like 
dividend income), then seek out professional advice 
ASAP!
• If you have any questions, you can visit the IRS 
website to find more information about filing your 
taxes and reporting interest income. That may help 
you jot down a few more tips for tax season 2023.
Use a tax-free bond as part of 
your emergency savings 
fund.
• If you’re looking for a way to save for emergencies, 
consider using a tax-free bond as part of your emergency 
savings fund. Tax-free bonds are long-term investments 
that provide interest income at no cost to you. They can 
also be purchased through your brokerage account or 
directly through the bank where you have an account (if 
it offers them).
• While they aren’t nearly as liquid as stocks and ETFs, 
bonds will provide some stability over time if things get 
rough in the financial markets and inflation rises 
unexpectedly.
• In addition to using these bonds as part of your 
emergency fund, you can use them for other long-term 
savings goals. For example, if you’re saving for 
retirement or college tuition, tax-free bonds are a great 
way to grow your money without paying taxes on the 
interest.
• Tax-free bonds have many advantages over other types 
of investments. For example, they’re typically safe 
investments that are less likely to lose money during a 
downturn in the market than stocks or ETFs. They also 
provide an additional benefit in that you can use the 
interest income to offset your taxable income when you 
file your taxes each year.
Take advantage of any credits and deductions 
that can help reduce your tax burden.
• If you’re eligible for a credit or deduction, it’s important 
to take advantage of them. For example, if you paid for 
health insurance and qualified for the Affordable Care 
Act Marketplace tax credit, this could reduce your tax 
bill. You can also claim an additional Earned Income Tax 
Credit (EITC) if your income is low enough; some families 
may even qualify for both!
• If there are any credits or deductions that apply to your 
situation but aren’t listed above, don’t worry about it — 
just find out here at Global FPO so we can help. And 
remember: It’s never too late to file!
• If you didn’t have health insurance in 2018, it may be 
too late to claim a tax credit or deduction. However, if 
you qualify for an exemption from the Affordable Care 
Act’s mandate penalty, you can still claim it on your tax 
return.
Hire a professional to help 
you with your return if 
necessary
If it’s necessary to hire someone to file your taxes this year, 
there are some things to keep in mind before signing any 
contracts:
• Don’t use free software like TurboTax (or other similar 
products). You’ll have higher quality returns and more 
accurate calculations if you use paid tax services that come 
with support from experts who can answer questions quickly.
• Get quotes from multiple companies so that you can compare 
prices before making a decision on which company will do 
the job best.
• Get a list of all the fees that will be charged so that you can 
compare prices before making a decision on which company 
will do the job best. Ask about any additional costs, such as 
an extra charge for filing state taxes or anything else that 
was not mentioned in the initial contract.
• Conclusion
I hope this PPT about tax season tips has given you some 
helpful tips to consider as you prepare your taxes. Remember, 
the sooner you file, the better! If you want to hire a tax 
accountant in Colorado springs on this tax season, connect with 
Answers! Accounting CPA Today.
Contact us Today to learn more about how 
we can help you save on your taxes!
• Website:- https://www.answers.cpa
• Call Us:- +1 (719) 418-6191
• Email:- [email protected]
• Address:- 1755 Telstar Dr, 3rd Floor Colorado Springs, CO 80920