WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

The first BUZZ of 2023!    

 

* Russ Fox announced the winner of his “prestigious” award “The 2022 Tax Offender of the Year” at TAXABLE TALK.

 

Since Trump’s returns were not released until the very end of 2022, I guess he will be in the running, and in my mind the front-runner, for 2023.

 

* Kay Bell, the yellow rose of taxes, began 2023 by taking a detailed look at “Tax happenings in 2022, and what to expect in 2023” at DON’T MESS WITH TAXES.

 

I agree with her bottom-line comment about 2023 – “gridlock until the 2024 election will prevent much actual legislating by lawmakers”.  I do not expect any significant tax legislation to pass in 2023 – except maybe for some “technical corrections”.  Nothing will, or can, happen until the Democrats regain control of the House in 2024.

 

* And Kay follows up with “4 tax moves to make this January 2023”.

 

“4. Get organized” is very important.  As Kay suggests –

 

“Set up a system now to collect all this data {documentation of income and deductions for 2022 – rdf}, whether you already have it in hand or it arrives in the coming weeks. It can be either digital, with electronic tax copies going into a special folder on your computer. Or if you're old school and still rely on paper (no judging! I'm obsessive and do both paper and e-record keeping), your collection system can be as simple as an accordion folder, with documents dropped into the appropriate slots. Or you can use separate folders and/or envelopes to hold it all in a filing cabinet drawer.

 

The key is just to get all the tax-related information you'll need into one place so that when you do start filling out your 1040, or drop it off at your tax preparer's office, it's all there and easily accessible.”

 

And don’t forget #3 “Find and hire a tax professional” if you don’t already have one.  A reminder - no tax preparation software is a substitute for the services of a trained and experienced tax professional!   

 

And beware of making assumptions when looking for a tax preparer.  Click here for my advice on this subject.

 

* Check out the premiere issue of my new monthly newsletter ROBERT D FLACH’S THE 1040 LETTER.  And go here to learn how to order.

 

* Russ Fox reminds taxpayers who use their care for business to “Start Your 2023 Mileage Log” at TAXABLE TALK.

 

You should also start a mileage log for travel to and from doctors, dentists, therapists, hospitals, clinics, etc. to receive medical care and for travel related to volunteer work for church and charities.

 

* Let’s end with a Kay Bell trifecta – a review of “What's new when it comes to filing your 2022 taxes”.

 

And, thankfully for tax professionals, since there was no stimulus payment or advance payment of the Child Tax Credit for 2022 there is no need to reconcile these amounts on the 1040 (or 1040-SR).

 

TTFN