Let’s tackle taxes.

Your ultimate checklist for taking on your 2023 taxes

2023 is in full swing, which means…it’s almost tax time.

While the economy twists and turns, taxes are your chance to get organized and get in control. We’ve made it easy to take care of business with this straightforward, step-by-step guide to get you prepared for tax filing:

Step 1: Record your income and expenses →

Step 2: Know your tax credit and deduction eligibility →

Step 3: Sort out all your paperwork →

Step 4: Get to filing →

Step 5: Start prepping for next year →

STEP 1:

Record your income and expenses

Start with the most important step: record and categorize all your income and expenses for the relevant tax year. This information is essential for you (or your accountant) to build a clear picture of your business.

STEP 2:

Know your tax credit and deduction eligibility

Certain expenses, including many business expenses, can be subtracted from your taxable income are called tax deductions, and these can result in a lower tax bill. Examples of tax deductions can include equipment purchased for an office, advertising costs, and even business meals. To claim deductions, you need to make sure your bookkeeping is in order and that you've maintained accurate records of each expense.

There are also several tax credits you may qualify for as a small business owner. It's important to make sure you get this calculation right, and it's best to work with a tax consultant to see which deductions and tax credits you're eligible for.

STEP 3:

Sort out all your paperwork

Whether you’re getting ready to dig in or hand your taxes over to someone else (hopefully an accountant), make sure you’re prepared with all your important documents, including:

Income forms like W-2s and 1099s

Tax returns from the previous year

Records of business expenses

Proof of childcare expenses and medical costs (if any)

Records of payment on mortgage interest and property taxes

STEP 4:

Get to filing

With multiple income streams, freelance tax filing can be more complicated than dealing with a single employer. Juggling different 1099 forms from different employees is what accountant’s are known for. We suggest working with a trustworthy accountant to manage this process more efficiently and avoid missing your tax deadlines.