2023 Taxes To-Do List
POSTED ON November 28, 2023
BY Mallory Sage

As one tax season ends, the next begins – which means it’s time for you to get organized for 2023. The best way to avoid stress and frustration during tax season is to be prepared and do your part to make your 2023 taxes a breeze.

Get Started for 2023 Taxes

The first step in preparing for your 2023 taxes is getting an accountant on your team. Every accountant or tax preparer has different rules for what they need from their clients to get their tax engagement started. If you have a trusted preparer already, make sure you understand their process so you are ready to kick off tax season with them. November is a planning month for most tax and accounting offices, so it’s a good time to check in – or, if you’re interested in starting with someone new, it’s the perfect time to shop around for the right accountant for you.

If you’re a current Encurio client, you don’t have to worry about reaching out! By early December, you will receive an engagement letter so you can get started with us before the new year.

Document Management

In January, you’ll start receiving important documents like your W2 or 1098s. Make sure that you’re keeping up with the documents as they come in! The best practice is to take a quality photo or scan your documents as soon as they arrive so that you have a back-up copy in the event that the physical copy gets misplaced.

For Encurio clients, you can take in a step further! When you receive your documents, upload them straight to our client portal. That way, all of your documents are stored in one place that’s easy for you to access – and allows our team to review them, too! The sooner we have your documents, the sooner we can get your 2023 tax return finished.

But What Does My Accountant Need?

Collecting documents is great – but how do you know if you have everything you need? If you’re confused about what documents you should expect, ask your accountant! At most firms, you can request an organizer or list of documents you had in previous years.

At Encurio, as soon as you sign your engagement letter, we provide an organizer through our client portal in the form of client requests. This includes documents we expect you to have based off of previous years as well as questions relevant to your return. As you answer questions and upload documents, you can mark each request off of your customized 2023 taxes task list.

Upcoming Payments

There are two payments to keep in mind during the traditional tax season (January-April). The first is your Q4 estimated tax payment. This payment is due in mid-January. This deadline comes shortly after the hectic holiday season, so make sure you know ahead of time if you owe. Get these payments arranged early so that the deadline doesn’t pass you up!

Preparation is always key, which is why we recommend planning for your April 15 tax payment now too! If you’ve had tax planning, you most likely already have an estimate of what you’ll owe. Make sure you’re preparing appropriately to make this payment on time.

Business Reminders

Organizing for tax season is important for businesses too! The most important task for business owners making sure that year-end accounting is finished as soon as the year closes. Make sure your accountant has everything they need to get this done on time! This is extra important if you only close out your accounting at year-end, so get the ball rolling sooner rather than later.

If Encurio is handling your year-end close, make sure you’re keeping up with all of your questions in our accounting portal. We do our best to make it simple for our business owners to get us the information we need and the sooner we get the info, the sooner we’re able to close your books at year-end. Getting your books closed in a timely manner is important, because you’re required to deliver most 1099s by January 31.

More Time, Less Stress

Staying on top of tax tasks will make tax season a breeze. Remember to stay organized by keeping your documents in order, communicating with your accountant, and keeping up with important dates. Tax season doesn’t have to be overwhelming.

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