New Year Tax Time Prep

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Now that 2022 is in the rearview mirror it is time to start getting your things organized to have your taxes completed.  Being organized throughout the year could make this an easier task to accomplish, but if you have not prepared in advance it can be done.  You may want to also use what you know you create a system that can be used in 2023 and make your tax filing that much easier next year.


Many of your key documents will begin coming in the mail or be available electronically in January.  Having an envelope to place all of the pertinent documents in will be helpful for you to have everything in one location and ready to be handed to your tax preparer.

The documents you will need for your CPA will depend on whether you are an employee or self-employed.  We will focus on those documents needed by most.  Keep in mind that this is not an exhaustive list and would recommend you speak with your tax preparer for a document list specific to you.

Check the Mail

Your Form W-2 should be placed in the mail to you no later than January 31st and you will need that from any employers that you worked for during the year.  In addition, if you worked as an independent contractor you will want to look for your Form 1099-MISC from those companies for whom you did work.  Working as an independent contractor and being paid through a payment app will require the payor to provide Form 1099-K in 2023.  This was recently delayed but I would recommend taking a look at our recent blog, Is Your Business or Side Gig Getting Paid Through A Payment App?, and be prepared.

Own a home and have a mortgage?  This would have you looking for a Form 1098 from the mortgage company reporting the mortgage interest you paid during the year.  Depending if you itemize deductions or utilize the standard deduction will determine if the mortgage interest paid will be helpful to your overall tax situation.

Investment and bank accounts will generate 1099 forms that will be needed.  Depending on the account and the type of income received- dividends, interest, and capital gains will dictate the specific form received.  Dividends are reported on Form 1099-DIV, while interest is reported on Form 1099-INT.  Capital gains and losses will be reported on Form 1099-B and may not be received until February.  These forms tend to take longer to receive and can be updated a few times before receiving the final version.  You may want to delay filing your return until you are certain you have received the final form.

Don’t Forget!

Gambling winnings and losses will need to be reported as well and will be included on Form W-2G.  Apps and sites that have made gambling accessible to the masses make this more prevalent and we felt it should be included in our list as a result.

Documentation is important when it comes to filing your return.  These are the main forms you will want to be on the lookout for beginning in mid-January.  Completing your tax filing for the year provides a sense of relief but you must provide your tax advisor will all of the information they will need to file your return.  This information will all come at different times and filing before you have all of the paperwork and/or their final versions could put you in a position where you will need to file an amended return.  Filing an amended return will require additional time and work by your CPA and most likely be an added cost too.

Looking for Help?

We would be happy to schedule a time to discuss how we can help you and your family prepare for your taxes being filed.  Feel free to schedule a 30 Minute Zoom Meeting for us to discuss what may be right for you.

This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.

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