How to Prepare for Your Personal Tax Deadline in 2023: A Checklist

What You Need to Know Before Preparing Your Tax Return

Before you start preparing your tax return, there are a few things you need to know. First, it’s important to understand the deadlines for filing taxes.

The federal income tax return is due on April 15th each year and must be filed by that date to avoid penalties and late fees. In addition, if you owe money to the IRS, they may charge interest on the balance due after April 15th.

Personal Tax Deadline Checklist

The Basics of Personal Tax Deadline in 2023

The 2023 personal tax deadline is fast approaching, and it’s important to know the right way to file your taxes so that you can get everything done right. First, it’s essential to know the date by which your tax return must be filed: April 15th. If you fail to meet this deadline, you may be subject to late fees or penalties issued by the Internal Revenue Service (IRS).

You need to make sure that you have all necessary documents and forms on hand before filing your return. These can include W-2s and 1099s from employers, as well as any other records of income or deductions. Student loan information and charitable receipts can also be included.

Understanding the different schedules for itemized standard deductions (such as Schedule A) is also important so that you can fill everything out correctly.

By understanding these basics of filing income taxes in 2023, you can reduce stress and save time when preparing your return!

Step 1: Gather Your Documents and Information

Gathering the necessary documents and information is an essential first step in preparing for your personal tax deadline in 2023.

Start by collecting all your W-2s and 1099s from employers, as well as any other records of income or deductions, such as student loan information, charitable receipts, and interest statements.

Next, make sure to double-check that all of these forms are filled out correctly and completely.

Lastly, familiarizing yourself with the details of any itemized deductions (such as those listed on Schedule A) will be beneficial when filing taxes.

By collecting this information ahead of time, you can ensure that your return will be completed accurately and efficiently. If you can’t find certain forms or documents you need, it’s important to contact the right parties (such as your bank or employer) to get copies as soon as possible, so you don’t miss the April 15th deadline. Taking a few extra steps now can save you time and stress later on!

W-2s and 1099 Forms

W-2s and 1099 Forms are two of the most important documents to consider when preparing for your personal tax deadline in 2023. W-2 forms report wages paid to an employee and taxes withheld. 1099 forms report other types of income, such as self-employment earnings, interest, dividends, capital gains, rent and royalties. It’s essential to review these forms carefully to make sure all information is accurate and complete.


Accurately reporting this information is vital for filing your return correctly. If you find errors or discrepancies on these forms, contact the appropriate party right away. Also, keep in mind that certain types of income may require additional paperwork. For example, if you have earned more than $600 during the year, you will need to include a Schedule C form with your return.

By familiarizing yourself with W-2s and 1099s now and double-checking their accuracy later on, you can save yourself time, money and stress come April 15th!

Other Types of Taxable Income:

Income from a variety of sources may be subject to taxation. In addition to wages and other earnings reported on W-2s and 1099 forms, you may need to include several other types of income when you file your personal taxes in 2023.

For example, if you receive alimony payments, those must be reported as taxable income. Other common examples include: income from rental properties, stock options, bonuses or commissions earned at work, tips received while working, lottery winnings, and Social Security benefits.

It’s important to note that not all income is taxable; for instance, childcare expenses paid by an employer are generally not considered taxable income. In addition, certain types of income may be subject to different levels of taxation depending on the source and amount earned. For example, the sale of a business or property may be subject to capital gains taxes.

If you are not sure if your sources of income are taxable, it’s best to talk to a tax professional who can give you the best possible advice. Being aware of all types of taxable income now can help you avoid any unpleasant surprises come April 2023!

Dependents and Filing Status

When you file your personal taxes in 2023, it is important to know what type of filing status you have, as well as how many children you have. Depending on your filing status and the number of dependents you have, certain tax credits or deductions may be available.

The most common filing statuses are single, married filing jointly, married filing separately, head of household and qualifying widow(er). The Internal Revenue Service (IRS) will determine which of these categories applies to you based on the information provided on your tax return. If you’re not sure which type of tax professional best fits your situation, then it’s best to talk to a tax professional who can give you the best advice.

Dependents are individuals that meet certain IRS criteria who rely upon taxpayers for financial support. They can include children or other relatives living in the same household or even elderly parents or grandparents who live elsewhere. Certain tax credits and deductions may be available if you have dependents that meet the IRS requirements; however, to receive any associated benefits, each dependent must be listed individually on the return. Knowing how many eligible dependents you have now can help simplify the process when April 2023 rolls around!

Financial Accounts and Retirement Plans

When preparing for your personal tax deadline in 2023, it’s important to be aware of all your financial accounts and retirement plans. Financial accounts like savings or checking can provide valuable income when you file taxes. Retirement plans like IRAs and 401(k)s can also help you save for the future. To make the most of your tax credits and deductions, it is important to monitor these accounts throughout the year and keep track of any contributions made.

In addition, if you have a retirement plan from your employer, like a 401(k) or 403(b), make sure you know the rules and regulations about them. There may be limits on how much you can contribute each year, or specific withdrawal requirements after reaching retirement age. It is important to take into consideration any penalties that may apply if these rules are not followed before filing your taxes in 2023.

Overall, being mindful of financial accounts and retirement plans now will make tax season go more smoothly next year. Knowing what deductions and credits are available based on the type of account or plan you have can help reduce your overall tax burden come April 2023!

Charitable Donations, Medical Expenses, Student Loans, and other Deductions

Charitable donations, medical expenses, student loans, and other expenses may allow you to reduce your tax burden when filing.

It include both cash contributions and non-cash items such as clothing or furniture. If you are itemizing your deductions, these gifts must meet certain criteria to qualify for a deduction. It is important to keep records of all donations made throughout the year and be prepared to provide receipts if requested by the IRS.

Medical expenses may also be deductible depending on the total amount spent in relation to your adjusted gross income (AGI). Eligible expenses include doctor visits, hospital stays, prescription drugs, and more. Make sure to keep track of all medical bills throughout the year so that you can benefit from this deduction come April 2023!

Student loan interest payments can also offer some relief when filing taxes next year. This applies both to loans taken out by the student themselves and those taken out by their parents or guardians. As long as a portion of the loan was used for higher education during the tax year, a tax deduction can be taken up to a certain amount each year.

In addition, many other deductions may apply depending on individual circumstances, such as state sales taxes paid during the year or mortgage interest payments. It is important to stay informed about what deductions are available in order to maximize savings when filing taxes in 2023!

Step 2: Determine Your Filing Requirements

Once you have determined which deductions and credits are available to you, it is important to know what your personal taxes will look like in 2023. Depending on your income level, you may be required to file a federal tax return or state tax return (or both). The IRS provides an online tool that can help determine if you need to file a return based on your yearly income.

If you are self-employed or have freelance income, it is important to know what documents to file so that you can accurately report your income for the year. It is also important to know about any applicable deadlines for filing returns. Finally, if you owe taxes at the end of the year, it is important to pay your taxes on time to avoid interest charges and penalties.

Estimate Your Tax Liability for 2023

Estimating your tax liability for 2023 can be an important part of preparing for the upcoming tax season. To begin, you should gather all the necessary documents such as W-2s and 1099s that will be needed to accurately calculate your taxes.

It is also a good idea to review last year’s return to get an idea of what deductions and credits may apply to you this year. Once you have gathered all the appropriate information, it is time to begin estimating your tax liability. This can be done by using an online calculator or by consulting with a CPA or other qualified professional.

When you estimate your taxes, be sure to take into account any changes in income, taxes owed from investments, and any other tax deductions and credits that may affect your financial situation. Make sure that you double-check all calculations before submitting your return in order to ensure accuracy and avoid potential penalties.

Federal vs State Taxes

It is important to understand the differences between federal and state taxes. Federal taxes are taxes that are imposed at the national level by the Internal Revenue Service (IRS). These taxes are typically based on income and may include payroll taxes, self-employment tax, or corporate income tax. State taxes, on the other hand, are taxes imposed at the state level and may vary from state to state.

Examples of state taxes include sales, property, gasoline and income tax. Generally speaking, federal taxes tend to be higher than state taxes due to their uniform nature across all states.

Note that some states have no income tax while others have both a state and local income tax system. It is essential for individuals to familiarize themselves with their own state’s particular laws and regulations in order to ensure compliance with applicable taxation guidelines.

Special Circumstances that May Require Additional Documentation or Filing Requirements

Special circumstances may require additional documentation or filing requirements when preparing for taxes. For example, if you are self-employed or own a business, you will need to provide additional information such as receipts and invoices.

If you have investments, you may need to provide information about dividends and capital gains. In addition, if your income comes from multiple sources (such as wages, investments and rental income), additional paperwork might be required.

If you make charitable donations throughout the year, it is important to document those donations in order to take advantage of applicable deductions. For this reason, it is important for people to familiarize themselves with their specific tax situation so that they can provide all necessary documents on time.

Step 3: Choose a Preparation Option

Preparing for your personal tax deadline in 2023 is to choose a preparation option. While some people may choose to complete their taxes themselves, others may choose to hire a tax preparer or accountant to help them. It is important to consider the complexity of one’s taxes, how much time they have available, and before making a decision, consider how much it will cost.

Self-prepared returns are often less expensive but can be more time-consuming and require more attention to detail. Professional tax preparers usually charge an hourly rate but can offer additional services such as audit protection and financial advice. Regardless of which preparation option is chosen, it is essential to ensure all necessary documents are collected prior to filing.

Here is How to choose the right firm for your tax preparation outsourcing?

Step 4: Start the Preparation Process

Once you’ve decided to either DIY with tax software or hire a professional, it’s time to start the preparation process. Knowing what documents and information you need is key to successful filing.

Start by gathering your income documents such as W2s, 1099s and any other forms that report income such as investments and rental property.

Next, be sure to collect any necessary deductions such as mortgage interest statements (1098) or charitable donations (receipts).

Finally, have all of your personal information ready such as Social Security numbers for everyone listed on the return. Once you have everything together, you can give it to the professional preparer or start entering the data into either the tax software or into their system. The more organized you are when preparing your taxes will make the process much smoother!

Calculate Adjusted Gross Income (AGI)

Calculating your Adjusted Gross Income (AGI) is an important step in filing your taxes. AGI is the amount of money you made during the year minus certain adjustments such as student loan interest, moving expenses, and traditional IRA contributions.

To calculate your AGI, you’ll need to go through Form 1040 to find all of your sources of income and then subtract any adjustments that apply to you. Once you have calculated your AGI, it can be used for a variety of purposes, such as determining whether you owe additional taxes or if you are eligible for certain deductions or credits.

Knowing how to calculate your AGI is a key part of filing taxes accurately, so it’s important to make sure you do it correctly.

Claim Credits and Deductible Expenses

Claiming credits and deductible expenses can help lower the amount of taxes you owe and increase your refund. There are a variety of credits and deductions available, so it’s important to familiarize yourself with them before filing your taxes in 2023.

Common credits include the Earned Income Tax, Child Tax, Education Credits, and more. Deductible expenses may include charitable donations, medical expenses, student loan interest payments, and more.

When claiming these items on your tax returns, make sure to keep all receipts and other documentation as proof in case you are audited by the IRS. To maximize the deductions you can claim, do additional research into which ones apply to you and be sure to take full advantage of them!

Fill Out the Necessary Forms

Filing your taxes correctly is important, so it’s essential to make sure you have all the necessary forms and documents prepared. Depending on your situation, you may need to fill out a variety of forms when filing your taxes in 2023.

The most common form used for individuals is IRS Form 1040, which is used for reporting income and claiming deductions or credits. You will also need to fill out additional forms depending on any credits or deductions that you are claiming.

For example, if you are claiming the Earned Income Tax Credit, you will need to fill out IRS Form 8812. If you own a business or have any investments, there may be other forms that need to be filled out as well. Make sure to research which forms are needed before filing your taxes in 2023!

Submit Payment on Time

Submitting your taxes on time is an important part of the tax filing process. In 2023, the deadline for individuals to submit their taxes is April 15th. This means that you must have all your forms filled out and tax payment submitted by this date in order to avoid any penalties or late fees.

If you are not able to pay on time, it is important that you contact the IRS as soon as possible to talk about payment options. In addition, if you can’t pay your full amount on time, make sure to file your taxes anyway so that you don’t have to pay any extra fees. It’s also a good idea to plan for future tax payments if you need to.

This way, you can avoid interest charges and late fees in the future. It’s important to keep track of when payments are due and make sure they are submitted on time. If you don’t, the IRS may not be able to pay you.

Step 5: File Your Return On Time & Receive Refunds/Payments Due

It is important to file your taxes on time in order to receive any refunds or payments that are due. In 2023, the deadline for individuals to submit their tax return is April 15th. To ensure you don’t miss this important deadline, it’s a good idea to start gathering all your necessary documents early on in the year and double-check that they are up-to-date and accurate.

Also, make sure to review any tax credits or deductions that you may be eligible for as these can help reduce your tax liability. After you complete your return and pay the payment, it’s also important to keep track of when the refund or payment is due, so you can get it as soon as possible. If you’re ever not sure how much you owe or need help filing your return, Safebooks Global offers professional offshore tax preparer or accountant who can help your CPA firm.