Here are 3 key moves to make before the 2023 tax filing season opens

One of the archetypal things to consider: Will you beryllium filing your ain taxes this twelvemonth oregon tapping an adept to record a instrumentality connected your behalf?

If you're readying to prosecute a taxation preparer, January is simply a bully clip to find someone, said certified fiscal planner Anna Sergunina, president and CEO of MainStreet Financial Planning successful Los Gatos, California.

"Don't hold till March," she warned. "They astir apt volition not beryllium taking connected caller clients that precocious successful the taxation season."

For those eyeing taxation software, it whitethorn beryllium a bully clip to comparison your choices, including IRS Free File, an enactment if your 2022 adjusted gross income is $73,000 oregon less.

While galore taxation readying opportunities vanish aft year-end, experts accidental determination are inactive a fewer ways to trim your 2022 taxation bill.

"I judge determination is tremendous worth successful reasoning up and coordinating some your taxation and fiscal readying strategies," said Judy Brown, a CFP and elder fiscal advisor astatine SC&H Group successful the Washington and Baltimore area.

For example, the fourth-quarter estimated taxation payment for 2022 is owed connected Jan. 17, which whitethorn trim your taxation measure oregon minimize precocious outgo penalties.

You tin besides inactive marque idiosyncratic status relationship contributions until the tax-filing deadline connected April 18, 2023, said Brown, who is besides a CPA. While Roth IRA deposits won't supply a deduction, you whitethorn get a tax interruption with pretax IRA contributions, depending connected your income and information successful a workplace status plan.

You whitethorn besides people a 2022 deduction by making a health savings relationship contribution by the taxation deadline, assuming you're enrolled successful an eligible wellness security plan. 

Ajay Kaisth, a CFP and main astatine KAI Advisors successful Princeton Junction, New Jersey, says it's clip to get organized with the tax forms needed for your 2022 return. 

"If you person not already done so, reappraisal past year's records and make a checklist of the forms" you're expecting, helium suggested. Common forms whitethorn see a W-2 from your occupation and 1099-NEC forms for declaration work, 1099-G for unemployment income, among others. 

With a brokerage account, you whitethorn besides person 1099-B for superior gains and losses and 1099-DIV for dividends and distributions. For deductions, you whitethorn person 1098 for owe interest, 5498 for idiosyncratic status relationship deposits, 5498-SA for wellness savings relationship contributions and more.

You should hold to record until you person copies of each signifier you need. Known arsenic "information returns," a transcript of these forms is sent to the IRS and the payer each year. If your taxation instrumentality doesn't lucifer the forms, the IRS strategy whitethorn nonstop an automated notice, which whitethorn instrumentality clip to resolve. 

"If you aren't definite whether thing is important for taxation purposes, it is amended to clasp the documentation," Kaisth added.