Like it or not, tax season is already upon us. With three months still remaining until the deadline, now is the perfect time to begin preparing your tax return. Taking the initiative now will help you avoid the anxiety and chaos that can come with waiting until the last minute.
New Tax Information for 2023 (2022 Tax Year)
Here's what you'll need...
Personal: To ensure a speedy return of your refund, please have your full name, social security number, home address, date of birth, and copies of last year's federal and state tax returns ready. If you are married, you will need to provide the same information for your spouse. To make the process even faster, we suggest having your bank account number and routing number available for direct deposit.
Dependent: You must have all the data listed above from your dependents to complete this. Additionally, if it applies to your case, Form 8332 must be obtained to demonstrate that the custodial parent of the child is relinquishing their right to claim the child.
Income: Many of these forms are not necessary to file taxes annually. For instance, a 1099-G is only required when you have received unemployment benefits, and a 1099-S is only necessary when you have sold real estate.
Employed income
W-2 Forms for you and your spouseSelf-Employed income
1099-K or 1099-NEC if you are self-employed or earning income as an independent contractorUnemployed income
1099-G for people receiving unemploymentProperty/Rental income
1099-S if you sold any property
1099-MISC if you are receiving income from a rental propertyRetirement income
SSA-1099 and 1099-R for Social Security benefits and retirement plan distributions
Investment income
1099-B, 1099-DIVE and 1099- INT for stock sales, dividends and interest
Other miscellaneous income
Schedule K-1 reports distributions from trusts and estates to beneficiaries
Amount of alimony received
Jury Duty pay
Any debt cancellation, scholarships, etc.
Cryptocurrency transaction records
Gambling winnings – a federal tax hit comes when your gambling winnings reach $600 or more
Deductions:
Property Deductions
Form 1098 shows any mortgage interest, mortgage insurance premiums, and points you paid throughout the year.
Real estate taxesIncome deductions
Local and state sales or income taxes
Business owners will need records of their business expensesOther miscellaneous deductions
Out-of-pocket medical expenses
Charitable donations
Childcare expenses Education expenses — this includes what teachers have paid for classroom supplies. You'll need Form 1098-E if you paid any student loan interest. Form 1098-T is for higher education expenses.Alimony paid
Contributions to retirement plans
Business Tax Forms & Envelopes
When it comes to tax season, ensuring that you have all the necessary business tax forms and tax form envelopes is crucial. The Mines Press recognizes this and is dedicated to being your reliable tax form and envelope supplier. Regardless of whether you're an accountant, tax preparer, or a business owner, you can rest assured that we have all the preprinted and blank W-2 forms, 1099 forms, 1095s, and additional federal tax forms required to fulfill your filing obligations.
Business E-File Solution by Easy2eFile®
If you're a business owner or manager, tax season can be a stressful time of year. Not only do you have to worry about your own personal taxes, but you also have to ensure that all of your employees receive their W-2 forms, as well as file 1099 and 1095 forms with the appropriate federal and state agencies. It's a lot of paperwork, and it can be time-consuming and confusing if you're not familiar with the tax code.
Fortunately, The Mines Press has a solution for you. Our Easy2eFile service is a comprehensive W-2, 1099, and 1095 filing service that takes care of all the hard work for you. All you have to do is enter your information into our system, or import it from your accounting software, and we'll handle the rest. We'll file everything with the appropriate federal and state agencies, and we'll even distribute copies of the forms to your employees through both mail and email.
With Easy2eFile, you can rest easy knowing that your taxes are being taken care of by professionals. Our system is user-friendly and efficient, so you can file all of your forms quickly and easily. Learn more about our business e-file solution.
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