Since tax year 2022 coming to an end that means that the filing season of 2023 is right around the corner. With that in mind, we have compiled this list of tax tips for IRS filing in 2023.
Helpful Tax Tips
As each tax year, or calendar year, ends filers must ensure that they meet all of the IRS tax requirements regarding filing. This includes submitting forms to the IRS, any applicable states, sending out recipient copies, making any necessary corrections, and ensuring that they have met these requirements within the allotted time frame.
Review our list of helpful tax tips below to ensure that you meet all IRS requirements during this tax season.
Keep the 2023 Deadlines in Mind
One of the most important tax tips we can give you is to keep Form 1099, Form W-2, and ACA deadlines in mind when preparing your filing.
As a best practice, we recommend getting started on your filings as early as possible. This ensures that you have ample time to collect the required information, complete the necessary forms, and verify the information for possible typos and other errors.
The IRS filing season 2023 deadlines for tax year 2022 are as follows:
| 2023 Deadlines (TY2022) | IRS Paper File Deadline | IRS E-file Deadline | Recipient Copy / Furnishing Deadline |
|---|---|---|---|
| Form W-2 | January 31, 2023 | January 31, 2023 | January 31, 2023 |
| Form 1099-NEC | January 31, 2023 | January 31, 2023 | January 31, 2023 |
| Form 1099-MISC | February 28, 2023 | March 31, 2023 | January 31, 2023 |
| Form 1099-DIV | February 28, 2023 | March 31, 2023 | January 31, 2023 |
| Form 1099-INT | February 28, 2023 | March 31, 2023 | January 31, 2023 |
| ACA (1095-B & 1095-C) | February 28, 2023 | March 31, 2023 | March 1, 2023 |
Please note that these are just the federal deadlines. Please verify with your state for any state requirements and the proper submission methods.
Many states participate in the Combined Federal/State Filing program for the submission of Forms 1099-B, DIV, G, INT, K, MISC, NEC, OID, PATR, and R. Check if your state participates using our CF/SF list.
Plan Ahead and Get Organized
It can be beneficial to set aside a few days to compile information, review, and determine what other information that you’ll need before filing.
Once you know what you need to get started, we recommend finding an IRS Authorized Transmitter to make submitting your filings as simple and easy as possible. E-filing is recommended by the IRS and provides many benefits, such as status updates, quick turn around time, and effortless corrections.
Report Name Changes
If any of your employees or recipients have recently changed their names due to marriage, divorce, or other reasons, advise them to timely notify the Social Security Administration (SSA) of the change. This will help to ensure that their new name on their tax return matches their SSN in the IRS and SSA databases.
Renew Individual Taxpayer Identification Numbers
If any of your employees or recipients use an Individual Taxpayer Identification Number (ITIN), then you should advise them to check that it’s not yet expired or will not expire this year. ITINs are typically issued to individuals who do not have a SSN.
If an ITIN has expired or will soon expire, then they should apply to renew their ITIN as soon as possible.
Verify Tax Identification Number Information
TIN verification allows filers to check that a name and TIN combination matches IRS records before filing. TIN Verification ensures that all recipient data is accurate and up to date according to the IRS databases.
During TIN verification, the IRS processes each combination and returns a code value for each entry. Learn more about TIN Verification codes here.
Since name and SSN mismatch errors are among the most common errors to receive when filing, we would say this is one of the tax tips you shouldn’t ignore. Get ahead of these types of errors by using a product like TINCorrect to verify your information before filing.
Other Resources
By keeping these tax tips in mind, the tax season should be a breeze for you!
We have a plethora of resources to ensure that you’re up-to-date on the latest tax news. Check out our Essential Guides to master all of your filing requirements or review our step-by-step guides for more information on preparing your filings.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.
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