What are some things I can work on at the beginning of the year to prepare for that next years tax returns? Are there certain documents I should be keeping up with now or information I should be writing down throughout the year. What is the best way to prepare for tax time each year?
Hi Hayleemphillips, thank you for the event questions.
We are getting close to the end of tax year 2022, which tax returns to be filed in early part of 2023.
The best place to start is to review the items on your 2021 tax returns. If you have self-employment, you should gather related business expenses, such as auto log. If you have rental property, then rental income and expenses.
Below are some help articles:
Making Taxes Easy: Tips for Organizing Receipts and Expenses
Tax Preparation Checklist
https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/tax-preparation-checklist/L7LHiDqGJ
Tax Benefits Changing for Tax Year 2022
https://blog.turbotax.intuit.com/life/tax-benefits-changing-for-tax-year-2022-52902/
Hope the above helps. Thank you.