Guide to filing your taxes in 2023

If you are a freelancer, operate a small business or are an investor, it may be a good idea to seek the assistance of a CPA. Forging a relationship with a CPA can help you navigate possible tax deductions, create tax strategies for the future, and face the IRS if it ever comes knocking on your door to audit your taxes. The portal cannot be used to electronically file your tax return. The online portal allows you to manage your communication preferences.

What place has the lowest taxes?

  • Alaska – 5.06%
  • Delaware – 6.12%
  • New Hampshire – 6.14%
  • Tennessee – 6.22%
  • Florida – 6.33%
  • Wyoming – 6.42%
  • South Dakota – 6.69%
  • Montana – 6.93%

Each company has financial responsibility only for its own products and services, and is not responsible for the products and services provided by the other companies. This site is intended to provide a general overview of our products and services. Please review the details of each product with your financial representative to determine which options may best fit your needs. Western & Southern Financial Group does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.

Gather Your Documents

Sign up for a Zoom session to get on-on-one help while preparing your tax return. Here’s a list of documents you need to help ensure you file taxes accurately. You can file for free at a VITA site or online at GetYourRefund or MyFreeTaxes.

  • From there, consider contacting your HR department to adjust your withholding for this tax year so you don’t run into the same issue when you file your 2023 return.
  • Online tax software is an easy and convenient way to stay on top of your tax obligations.
  • Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third-party.
  • Use the IRS’ interactive tool Whom may I claim as a dependent?

Relationship-based ads and online behavioral advertising help us do that. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided.

Taxes done right, with experts by your side

If you worked for multiple employers in the past year, you should receive a W2 from each. The most important information you should start collecting is for yourself and family. You’ll need the birth dates and Social Security information for yourself, your spouse, and any dependents. If you had a name change or moved during the year, you’ll need to let the IRS know.

Get Ready For Taxes

A « Get Ready » page outlines steps taxpayers can take now to make tax filing easier in 2023. After you file, check the status of your refund by going to and clicking on Where’s My Refund? The status of your refund will be available within 24 hours after the IRS accepts your e-filed tax return. Tool updates once every 24 hours, usually overnight, so you only need to check once a day. Many different factors can affect the timing of your refund after we receive your return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially when making major purchases or paying bills.

Want to teach your kids about money? Start by including them in the conversation

A little planning and research now could lower your next tax bill. Doing everything yourself can be a great way to save money, but we strongly advise that you have an experienced CPA or tax professional take a look at your books. They can make sure you’re set up properly, that you’re taking advantage of the right year end tax moves, and that your business is in good shape for tax season. Job applicants without a college diploma who want to enter the tax industry are often eligible for entry-level tax preparer positions. Experienced tax preparers may advance to senior positions that involve team and project management or more complex tax preparation tasks.

What is the income tax expense?

Key Takeaways. Tax expenses are the total amount of taxes owed by an individual, corporation, or other entity to a taxing authority. Income tax expense is calculated by multiplying taxable income by the effective tax rate. Other taxes may be levied against an asset's value, such as property or estate taxes.

2022 Forms 1099-K must be furnished to the payee by January 31, 2023. Use this information return with your other tax records to determine your correct tax. For calendar year 2022, third-party settlement organizations who issue Forms 1099-K are only required to report transactions where a payee’s gross payments exceed $20,000 and there are more than 200 transactions. Log in to your online account to make a payment online or go to You will be notified once your ITIN is assigned or if additional information is needed.