The start of a new year generally signals change in many respects. For the football fan, college and professional football seasons culminate in championship games. For many, a new year is synonymous with “fresh starts” to achieve where one possibly failed in the prior year (e.g., exercising more, reading more books, spending more time with family). For the taxpayer, January means that April is just a few short months away, and tax filing season is about to commence. Accordingly, taxpayers should be mindful of certain tax deadlines related to tax years 2022 (due in 2023) and 2023 (due in 2024).
2023 Tax Deadlines
Taxpayers should be mindful of the various deadlines outlined above. However, knowing and meeting the tax deadlines should not be taxpayers’ only goal. Tax compliance should also have a healthy relationship with tax planning. That is, one’s federal taxes should not be viewed with a “get-it-done” mentality at the expense of strategic planning. Tax planning is proactive, not reactive. Thus, it is important for taxpayers to evaluate their tax compliance and coordinate it with their overall financial and tax goals.
Thank you for trusting Provident Financial Planning. This tax commentary will continue regularly. Please share this article with anyone who may benefit and contact me directly with questions or comments.
In His Name,
Zachary J. Montgomery, JD, CPA, CFE
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