2023 tax filing season begins

Waco, TX (FOX 44) – Today is the first day of the 2023 tax filing season. So what do taxpayers really need to know?

Over the past few years, in the fight against the ongoing Covid-19, several extensions have been put in place to give people time to file their taxes.

The 2023 submission deadline is now Tuesday, April 18. Those who do not file a tax return within this time period may have to pay a penalty of 5% for each month of delay.

“With Covid, you had extra time to pay tax returns and so on. It’s all gone,” says Sam M Griffin & Company owner and licensed CPA Sam Griffin.

Everyone’s tax filing process is different, but here are a few general ways to prepare for the 2023 tax filing season:

  • Make sure your documentation, such as Social Security, W-2 form, and income statement, is accurate and up-to-date.
  • Knowledge of your personal situation, which may include information about unemployment, filing multiple sources of income or investments.
  • Knowledge of the different ways to apply, online if you have a less complicated return, or with the help of an expert for any return.

And the most important tool is to educate yourself and not be afraid to ask the experts questions that will help you in your tax filing process in 2023.

Filing your tax return on time is also key to getting your tax refund as soon as possible. Certified Public Accountant Sam Griffin offers some tips on how to spend your tax refund wisely.

Don’t waste it, okay. Save for retirement and pay bills. Invest it. Don’t waste it.”

For more information on tax preparation for 2023, you can visit here.

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