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Steps you Can take Now to Make Tax Filing Easier in 2023

Diamond Head Tax Group - Oahu Tax Preparation and Filing in
the State of Hawaii serves Businesses. 

We file their taxes, provide bookkeeping services and 
Business organization consulting. 

Tax planning is for everyone. Get ready today to file your 2022 federal income tax return. Planning ahead can help you file an accurate return and avoid processing delays that can slow your tax refund.

Create or Access your Account Information at IRS.gov/account

Use online account to securely access the latest information available about your federal tax account and see information from your most recently filed tax return. You can:

  • View your tax owed, payments, and payment plans

  • Make payments and apply for payment plans

  • Access your tax records

  • Sign Power of Attorney authorizations electronically from your tax professional

  • Manage your communication preferences from the IRS

Gather and Organize your Tax Records

Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to processing delays that slow your refund and may also help you find overlooked deductions or credits.

Wait to file until you have your tax records including:

  • Other income documents and records of digital asset transactions

  • Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance payments or claims Premium Tax Credits for 2022 Marketplace coverage

  • IRS or other agency letters

Notify the IRS if your address changes and notify the Social Security Administration of a legal name change. Remember, most income is taxable. This includes:

Check your Individual Tax Identification Number (ITIN)

An ITIN only needs to be renewed if it has expired and is needed on a U.S. federal tax return. If you do not renew an expiring or expired ITIN, the IRS can still accept your tax return, but it may delay processing it or delay tax credits owed to you, such as the Child Tax Credit and the American Opportunity Tax Credit, which can impact when you get your tax refund.

If your ITIN wasn't included on a U.S. federal tax return at least once for tax years 2019, 2020, and 2021, your ITIN will expire on December 31, 2022.

As a reminder, ITINs with middle digits 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, or 88 have expired. In addition, ITINs with middle digits 90, 91, 92, 94, 95, 96, 97, 98, or 99, IF assigned before 2013, have expired. If you previously submitted a renewal application and it was approved, you do not need to renew again.

The IRS processes requests in the order they were received. Your patience is appreciated. You will be notified once your ITIN is assigned or if additional information is needed.

Make Sure you've Withheld Enough Tax

Consider adjusting your withholding if you owed taxes or received a large refund when you filed. Changing your withholding can help you avoid a tax bill or let you keep more money each payday. Credit amounts may change each year, so visit IRS.gov and use the Interactive Tax Assistant to identify whether you qualify for any tax credits that may call for a withholding adjustment. Life changes – getting married or divorced, welcoming a child, or taking on a second job - may also mean changing withholding.

Use the Tax Withholding Estimator to help you determine the right amount of tax to have withheld from your paycheck. This tool on IRS.gov will help determine if you need to adjust your withholding and submit a new Form W-4 to your employer.

Consider estimated tax payments. If you receive a substantial amount of non-wage income like self-employment income, investment income, taxable Social Security benefits and in some instances, pension and annuity income you should make quarterly estimated tax payments, with the last payment for 2022 due on January 17, 2023.

Log in to your online account to make a payment online or go to IRS.gov/payments.

Get Banked to Speed Tax Refunds with Direct Deposit

The fastest way for you to get your tax refund is by filing electronically and choosing direct deposit. Direct deposit gives you access to your refund faster than a paper check. Get your routing and account number by signing into your online banking account or contacting your bank.

Don't have a bank account? Learn how to open an account at an FDIC-Insured bank or through the National Credit Union Locator Tool. If you are a Veteran, see the Veterans Benefits Banking Program (VBBP) for access to financial services at participating banks.

Prepaid debit cards or mobile apps may allow direct deposit of tax refunds. They must have routing and account numbers associated with them that can be entered on your tax return. Check with the mobile app provider or financial institution to confirm which numbers to use.

Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable.

BUSINESS TAX FILING

We are well-versed in business tax and accounting and can work with any business including partnerships,
S-corporations, C-Corporations, LLCs, corporations, and non-profits.

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Serving small to mid-size companies of all industries.

Diamond Head Tax Group is a Honolulu locally owned and operated business that serves individuals and small and medium business. Services include tax planning and preparation, charitable tax planning strategies, social security taxation reduction, sales tax preparation, small business strategy development, QuickBooks setup, and payroll services. Clients appreciate Diamond Head Tax Group's help, advice, flexible hours, and thoroughness.

OUR TAX SERVICES

Tax Preparation

Tax Planning

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Professional Payroll Services

Small Business Strategy

Roth IRA Conversion

Charitable Tax Planning

QuickBooks set up

Social Security Taxation Reduction

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We help individuals and businesses with tax advisory and payroll services.

Talk to one of our Oahu Tax Professionals today to start saving.

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We are here to assist. 

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