{"id":4817,"date":"2023-03-17T12:14:00","date_gmt":"2023-03-17T19:14:00","guid":{"rendered":"https:\/\/www.soundcu.com\/?p=4817"},"modified":"2025-06-12T10:43:15","modified_gmt":"2025-06-12T17:43:15","slug":"how-to-prepare-for-next-years-tax-season-now","status":"publish","type":"post","link":"https:\/\/www.soundcu.com\/blog\/how-to-prepare-for-next-years-tax-season-now\/","title":{"rendered":"How to Prepare For Next Year\u2019s Tax Season Now"},"content":{"rendered":"
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How to Prepare For Next Year\u2019s Tax Season Now<\/h2>\n

Newsflash: Worrying about your taxes won\u2019t make the annual process of gathering all of the necessary paperwork and filing on time any easier. What can actually help though, is putting a simple plan in place now to make sure you are as prepared as possible for next year\u2019s tax season.<\/p>\n

Whether or not you usually hire a tax pro<\/a> to prepare your return, it pays to be prepared ahead of time. After all, the more time your tax preparer has to spend making sense of your financial records, the more money you\u2019ll owe for their labor. And many tax preparers charge more the closer it gets to April 15th, which is why it\u2019s vital to start early and gather your materials well before the filing deadline.<\/p>\n

This guide can help you prep for next year so you can sail through tax season as quickly as possible with or without the help of a professional.<\/p>\n

Create a Filing System<\/strong><\/h2>\n

If you don\u2019t already have a filing system in place for taxes and other important documents, now is the time to create one. This can be as simple as setting aside space in a filing cabinet or an expandable paper folder to keep everything you\u2019ll need in one spot. If your filing system consists of a shoe box, you might want to consider a small upgrade to a tabletop file box and hanging folders. The time you save not having to plow through mountains of paper receipts and digital clutter later will make the small expense totally worth it. And you never want to have to ask yourself \u201cDid I accidentally throw that important document away?\u201d<\/p>\n

Adjust Your Withholdings Now<\/strong><\/h2>\n

If you weren\u2019t happy with this year\u2019s tax outcome \u2014 if you ended up owing money when you would have preferred a refund \u2014 then now is the time to adjust your withholding information with your employer. Fortunately, it\u2019s easy. Just contact your Human Resources Department and tell them you want to adjust your withholding on your W-4 form.<\/p>\n

They can give you a new form, and you can fill it out appropriately, based on what the IRS\u2019 withholding calculator<\/a> (and\/or your tax accountant) recommends for your situation. This one step can make a big difference on next year\u2019s returns.<\/p>\n

Gather Your Old Documents<\/strong><\/h2>\n

With your new filing system in place, it\u2019s wise to go ahead and gather last year\u2019s tax returns and place them in the file, or make sure you have a digital copy at the ready. This old information will give you (or your tax preparer) a good place to start next year because you\u2019ll likely qualify for some of the same deductions or write-offs you received last year, and the info can help you calculate this year\u2019s return.<\/p>\n

Identify And Track Deductible Expenses<\/strong><\/h2>\n

With a higher standard deduction in tax year 2023 ($13,850 for single filers and those married filing separately, $27,700 if you\u2019re married filing jointly and $20,800 for heads of household), many taxpayers who previously itemized may no longer find it worthwhile.<\/p>\n

However, if you think your itemized deductions may exceed the standard deduction ceiling mentioned here, gather documentation on these items throughout the year and save them:<\/p>\n