Get a Jump on 2022 Taxes

10.5 months is already gone. If you haven’t had the chance to get your financials in shape, I encourage you to take the time to do so. Some tax strategies have to be in place prior to 12/31/2022 in order to maximize tax savings, tax professionals need the numbers before the year closes.

If you own a business and paid a contractor or other individual more than $600 be sure to have an appropriate W-9 on file for that vendor, so they can receive an accurate 1099. You do not want to be hunting those down in January.

Also, if you have employees, it’s a good time to check-in and make sure you have the most current addresses so you don’t delay employees recieving their W-2’s at the beginning of the year.

If you are the type of taxpayer that has a business and you normally take mileage on your vehicles, it’s especially important to keep a good log this year. The IRS changed the mileage rate half-way through the year. It adds a bit of extra record keeping but the deductions are worth it.

November and December is the best time to tax plan. Tax professionals have such a compressed season, it’s extremely difficult to do any type of tax planning during the actual tax season. Additionally, as soon as January begins we need to start working on W-2’s, 1099-NEC’s and other related documents for our first deadline 1/31/2023.