 Internal Revenue Service IRS tax news key points to keep in mind when filing 2022 tax returns Yeah, I know the key point the IRS is trying to allude to here without just coming out and saying it The IRS is watching you What's your hurry? What's going on and honestly I don't know about you, but the IRS didn't really have to give me this memo as a reminder of their key point I get a special delivery here my turds because the key point of the IRS penalty and interest sword Currently lodged into my business's left kidney is quite a constant sharp and pointy reminder already I'm watching you first. Just remember every minute. God is watching Key point remind the IRS Reminders are kind of like the Joker dropping a safe on some poor guy's head Stealing his wallet while leaning over the body and saying I don't mean to bother you my good man But would you be so conscious to pay me the money you owe me? You know for the service I provided you of spraying acid in your face from this flower on my lapel It'd be funny if it wasn't so pathetic No, what the heck I'll laugh anyway I Whatever anyways our 2023 dash 17 January 31st 2023 Washington to help taxpayers navigate the beginning of the tax filing season the internal revenue service today offered a checklist of Reminders for people as they prepare to file their 2022 tax returns a checklist people Just the help I was looking for so here's what we've got from gathering paperwork to filing a tax return These easy steps will make tax preparation smoother in 2023 number one on the checklist gather tax paperwork and records for accuracy to avoid missing a deduction or credit So you want to have all the stuff prepared when you start to prepare your tax return? So taxpayers should have all their important and necessary documents There's a link to that here if you want to take a look at it They probably will list out the important and necessary documents This helps people to file a complete and accurate tax return Which is of course the key because remember the IRS is looking over your shoulder here They've got probably like 95% of the documentation on their end as well Including W2s 1099s and whatnot. So if you don't file it accurately You're probably just gonna end up delaying your tax return and whatnot and they'll just fix it on there Anyways, and you might be saying well why didn't you just file it on your side and the first place if you got all the information and They just like to it's like digging a hole that has no purpose and you fill it back in just because you know They like making you do that. So errors and omissions. There's a link to that here slow down tax processing Including refund time So if you mess up if you don't if you don't repeat your catechism in exactly the precise way the IRS will Will have an issue they'll take issue over there and be ready to correct you and wrap you on the knuckles With the stick of penalties and interest so some information taxpayers need before they begin includes Social security numbers for everyone listed on the tax return bank account and routing numbers That's if of course you're going to be putting your bank account numbers on the tax return for direct deposit You don't necessarily need to do that But that's the fastest way to get the refund if you're getting every fund various tax forms such as w-2s 1099s 1098s and other income documents or records of digital asset transactions These are the most common forms that would most likely first come to mind when we're thinking about the tax preparation Remember that not only you have copies of these forms the IRS have copies of these forms It's there's an error on one of these forms. You can't just put the right number in Even though you got a faulty 1099 or something like that because the IRS will know on they'll have the wrong documentation on their side So the point is keep in mind that the point of these forms isn't to help you It's to have it on the IRS's side of things and so that you could just you know put the numbers in that that it's like digging the hole They already have the information so Make sure you you do it properly and and so that you can get your you know refund as fast as possible So you got the form 1095 a that's health insurance marketplace statements So if you're in the health insurance marketplace that can get a little bit more complex as well We might have some courses on on it which it could be which hopefully will look at that Maybe any IRS letter citing an amount received for a certain tax deduction or credit number two Remember to report all types of income on the tax return So the iris doesn't want you to to mess up by not reporting the income Even if they're not able to look over your shoulder Even if they don't have a complete stranglehold on that particular part of the economy Lowering the GDP with their stranglehold choking out the oxygen of that particular place of business Even then you got to make sure to report it so that would be like gig work or something They don't have a complete never completely choked it to death yet And then if you're in the a salon or a massage parlor or those kind of things they tried to kill those off with COVID Restrictions and lockdowns, you know, I'm they probably didn't do the COVID itself But they used it to choke out the cash businesses because they don't like those cash businesses And so if you're in those businesses, the iris just wants to remind you that you still have to report your income So this is important to avoid receiving a notice or a bill from the IRS As don't forget to include income from goods created and sold on online platforms There's that kind of gig-ish type economy thing. So they're trying to get IRS reporting possibly from the platforms themselves or from the payment services like the pay pals and the stripes and whatnot But and they haven't figured that out investment income So obviously dividends interest capital gains part-time and seasonal work So just because you work part-time doesn't mean that the iris doesn't want part of it, right? That's what they're talking about self-employment or other business activities So you think yourself and you thought you were self-employed But the iris is like is like the protection money guy that comes in and it's like Do you want you want to be safe in here? Don't you and then you're like, okay And then you have to pay them the protection money and then services provided through mobile apps So those also Gonna be areas where if you're earning money in some way shape or form the IRS wants their cut number three File electronically with direct deposit to avoid delays and receiving a refund avoid paper returns Why because the iris is helping you out. They're just saying this is the best way for you We're trying to help you But you know, it might be the best for you But obviously they're pushing the paper returns because they want that all that money that they got from the inflation reduction Act that doesn't have anything to do with inflation to hire all the other employees to just hang out and just watch the money roll in As everything is automated and if you send them a paper tax return Someone's gonna have to someone's gonna have to do something like they're gonna have to go in the office Violating the the rules that they had to stay in the Bahamas with a with a cocktail in their hand. So Those are the COVID rules. So they want you to file electronically tax software helps individuals avoid mistakes by doing the math So it guides people through each section of their tax return using a question and answer format So tax software is a useful tool There is a free file option here and you should probably use that because the tax code is quite complex has been changing much over time and people Situations also have been over the last few years in particular for those waiting on the 2021 tax return to be processed. Here's a special tip to ensure their 2022 tax return is accepted by the IRS for processing make sure so this this is like the secret code here Like when you file the tax return and it has to you have to make it work It's kind of like hitting up down right right left a B a unlike a game So that you get the secret, you know potions and powers and whatnot if you don't do this then you can have a problem That's why you're here. You learn this stuff here. So make sure to enter zero That's zero dollars for last year's adjusted gross income agi on the 2022 tax return So in other words when you file your tax return electronically part of the verification process might be to enter your agi adjusted gross income from your prior year tax return 2021 but what if you did the prior year tax return? But the IRS hasn't processed it possibly because you entered it as a paper return and the IRS Due to COVID distancing rules that they applied because they wanted to kick it on like a beach with a cocktail and not go in the Office or anything didn't process the paper return. So they don't know what the agi is on their side So what do you do then you enter zero? That's the secret code. That's why you're here for this kind of secret information So everyone else should enter their prior years agi from last year's return number four Free resources are available to help eligible taxpayers file online Free help may also be available to qualify taxpayers. You got the IRS free file There's a link to that here. It provides free online alternative to filing a paper tax return So that's third-party software providers You can get access to if your incomes below the threshold that threshold being $73,000 so IRS free file is available to any individual or family who earned 73,000 or less in 2022 there's a link to that here's a good resource with IRS free file leading tax software providers make their online products available for free as part of a 21-year partnership with the IRS So obviously it being a good resource in part because it's not government products these are things done by the private industry which somehow the IRS has kind of Strangled their arm behind their back or something to offer them, you know for free if your income is below a certain threshold possibly by giving them advertising maybe on the IRS website and or Information on tax laws or something to help them to make their software or something like that I don't know but there it is so this year There are seven products in English and one in Spanish as spaniel Por favor movie B to the end taxpayers must access these products through the IRS website People who make over 73,000 dollars can use the IRS free file fillable forms. There's a link to that here I don't suggest using it I think they just like putting that on here so they can say that they have a free option for everyone But if your income's over 73,000 your income is getting somewhat complex on the high side of things That means you probably want to at least buy the software at that point so that you have a double check and not just do the thing by hand or Possibly hire a CPA at that point not just to get the tax preparation done for the current year the current need But also to get help going forward because you might have some tax planning issues as your income goes up These are the electronic versions of IRS paper forms. That's the free file fillable forms This product is best for people who are comfortable preparing their own taxes Nobody is by hand by hand No, nobody nobody is comfortable preparing their own taxes Even if you earned like no money these days because the refundable credits are complicated enough in and of them okay, I Whatever qualify taxpayers can also find free one-on-one tax preparation help around the nation through the volunteer income tax Assistant the Vita and tax counseling for the elderly the TCE programs. There's links to that here number five Choose a tax professional carefully. You must choose wisely Most tax return preparers are professional honest and provide excellent service to their clients. You're darn right However, dishonest tax return preparers who file false income tax returns do exist They sure do the IRS has a directory of federal tax return preparers with credentials and select Qualifications, so there's a link to that here and more on choosing a tax pro on irs.gov. There's a link to that here number six Avoid phone delays use online resources before calling the irs Because if you call the irs you might be on hold for six months and the phone service isn't even kind enough to say Hey, it's gonna take six months before someone answers the phone They just let it ring and to have music that's been the same for like Anyways, so yeah, they're saying don't call us just use the website You know those hundreds of thousands of new Dollars that we spent from the inflation act on on employees We don't we want them to just be able to hang out man. And if you're calling them all the time Then that messes up our whole thing That's their thing. So you want to use the website use the website? So to avoid waiting on hold the irs urges people to use irs dot gov to get answers to tax questions Check a refund status or pay taxes. There's links to that here There's no wait time or appointment needed online tools and resources are available 24 hours a day the irs interactive tax assistant tool and let us help you resources are Especially helpful. There's links to those Additionally, the irs suggests taxpayers stay up to date on important tax information online by following the irs official social media accounts So if you're not following every irs tweet tweet tweet tweet tweet Then you don't you don't know what's going on man. I If the face messages face messages, I don't do that Anyways, I'm not sure if there's any benefit to following their social media accounts But they do have the email subscription lists, which in part is where the where I get this information So that I believe is worth doing so but maybe their social media sells worth doing too And I'm just an idiot. You know, I don't I don't know I maybe I'm just out of it on that kind of stuff I tend to turn the phone off and I Feel like it's an evil thing that beeps at me all the time. So whatever maybe that's just me Downloading the irs to go mobile app. That's the coolest way to do it. You got the irs app watching irs youtube videos Why would you do that when you got when you've got this wonderful stuff? But anyways, you got irs youtube videos or following the irs on Twitter Facebook LinkedIn Instagram Instagram What what in the world? Could the irs put on Instagram that is of anyone's interests? I don't know because isn't that like pictures that you take from your phone Like what but they have it so you can check it out if anybody's getting any value from that Let me know. I know I'm horribly bad on Instagram. You can follow me on Instagram. It's not there's nothing special there I don't know how to do anything. I don't know how you get people to log into your Accounting Instagram page Or Twitter or what okay, whatever this none of it makes any sense. I saw I Don't believe any of it anyway There's links to that stuff here, and there'll be a link to this in the description