Preparation for the 2023 Tax Season

New year, new goals, new calendar, and new tax season! Want to start 2024 off on the right foot? Make an appointment with your tax preparer and give yourself ample time to gather important documents. You can also check here to fill out those important deadlines in this year’s calendar:

Read below or click here for a downloadable version.

Preparation for 2023 Tax Season

Key IRS dates for tax year 2023: 

  • December 29th, 2023: Last day to sell securities to realize a gain or loss. 
  • December 29th, 2023: Last day for employees to contribute to a qualified retirement plan (including 401(k), 403(b), 457, Solo 401(k), and SIMPLE IRAs).
  • December 8st, 2023: Last Day for QCD in kind transfers, reregistering network shares
  • December 8th, 2023: Last day for QCD for mutual funds.
  • December 15th,2023: Last day for QCD for equities and ETF transfers. 
  • December 8th, 2023: Last day to submit contributions/wire cash or securities to DAF. 
  • December 29th, 2023: Last day to complete charitable contributions for 2023 (Be sure you allow enough time to complete donations that may require additional lead time).
  • December 15th, 2023: Last day to do Roth conversion for 2023 calendar year.
  • January 16th, 2024: Fourth estimated payment for 2023 due.
  • January 31st, 2024: Deadline for employers to send W-2s/1099s to individuals. 
  • January 31st, 2024: Deadline for financial institutions to send 1099s to individuals (Delayed 1099s will be sent 30 days after).
  • April 16th, 2024: Deadline to file individual income tax return or file for an extension with IRS.
  • April 16th, 2024: Last day to contribute to traditional and Roth IRAs for 2023.

Documents you may need to file your 2023 taxes: 

  • Copies of your 2021 and 2022 – income tax returns. 
  • W-2 from your employer. 
  • Brokerage statements (1099-B) and any statements showing investment purchase/sale dates. 
  • Dividend and interest statements (1099-DIV and 1099-INT and 1099-OID). 
  • Social Security statement (1099-SSA) and/or retirement distributions (1099-R), if applicable. 
  • Statements reporting profits from partnerships, trusts and small businesses (K-1). 
  • Mortgage interest statements (1098).
  • Student loan interest (1098-E).
  • Distributions from educational accounts – 529 and Coverdale plans (1099-Q).
  • Receipts or proof of charitable gifts, medical/dental expenses, education expenses, moving expenses, and daycare/childcare expenses.

If you have contributed to a Roth Individual Retirement Account (RIRA), please notify your tax preparer of this transaction. If applicable, there are income limits to contribute to a RIRA:

  • Single or Head of Household – $138,000 – $153,000 (Modified Adjusted Income)
  • Married Filing Joint – $218,000 – $228,000 (Modified Adjusted Income)
  • Married Filing Separately – $0 – $10,000 (Modified Adjusted Income)  

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