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.
Steps you can take now to make tax filing easier in 2023
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:
Forms W-2 from your employer(s)
Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity or retirement plan distributions
Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
Form 1099-INT if you were paid interest
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
CP01A Notice with your new Identity Protection PIN
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:
income from the gig economy, and
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.
Contact us and let our skilled Oahu Tax Experts offer their well-rounded tax advice and tailored tax solutions to help you file accurate tax reports and avoid unwanted IRS attention. Diamond Head Tax Group is Honolulu's trusted source of tax filing services serving Waianae, Honolulu, Kapolei, Oahu and surrounding areas.
We are available to assist you with your Tax Needs.
Individuals ● Business ● Tax Advisory ● Payroll Services
