By Dan Nastou, CFA
 
 
It’s officially tax season, everyone’s favorite time of year! Okay, maybe not. But with some prep work and planning, it doesn’t need to be quite so stressful.
 
To make things a little more manageable, we pulled together a few tax resources, facts, and links that might help. So here we go!
 

Key Dates to Know

Tax returns for 2023 are due by April 15th, 2024. The earliest the IRS started accepting 2023 tax returns was January 29th, 2024.
 
If you applied for an extension by tax day, then your tax return deadline will be pushed to October 15th, 2024. Keep in mind, an extension to file your tax return later does not mean an extension to pay your taxes. You should estimate and pay your taxes by the normal dates. You can learn more about extensions on the IRS website here.
 
Estimated Taxes are due by April 15th, June 15th, September 15th, and January 15th (of the following year) – If your employer withholds taxes directly from your paycheck you may not have anything to do here. But if you’re self-employed, or have additional sources of income, you may need to pay quarterly estimated taxes by the above listed dates. You can learn more about paying estimated taxes on the IRS website here.
 

Gathering Your Filing Information and Documents

It can be helpful to start gathering these ahead of time so you won’t be scrambling when you go to file your tax return. Some things you’ll likely need;
 
– W-2 form; this says how much you’ve earned throughout the year and how much you’ve already paid towards taxes, your employer should provide it no later than January 31st
 
– 1099 forms; if someone other than your employer paid you money during the year this would be reported on a 1099
 
– Personal information, including your social security number
 
– Your retirement account contributions for the year
 
– Any state and local taxes you paid for the year
 
– Educational expenses you paid for yourself or a dependent
 
– Charitable donations
 
– Mortgage payments and/or property taxes you paid for the year
 
– Receipts for other deductible expenses
 
– Last year’s tax return
 
There may be more depending on your specific situation. It’s a good idea to keep a file throughout the year so you’ll know where everything is when you need it.
 

Guides and Resources

We cover taxes more broadly in our Core Content guide on tax basics. It’s free to use, you just need to sign up. You can learn more here. We also have the following guides on various tax topics;
 
Tax filing software – how it works and where to get it
 
Tax deductible donations – what’s the deal?
 
Working with a tax professional – some things to consider
 
Setting up a 401(k) – a tax-advantaged investment account through your employer
 
Setting up an IRA – a tax-advantaged investment account on your own (not through an employer)
 
Rolling over a 401(k) to an IRA – if you have a 401(k) but want to covert it to an IRA
 
Intro to Health Savings Accounts (HSA) – another way to save money and lower your taxes
 
We also cover a lot of other personal finance topics in addition to taxes. If you’re interested, you can learn more here – Welcome to WES!
 

More links and tools from the IRS

Just in case you’re still looking for more…
 
IRS website (IRS.gov) – check out it! There’s a lot here to browse
 
IRS Free File – you may qualify for free tax filing software through the IRS
 
Estimated taxes – info on when and how to pay your estimated taxes
 
IRS Tax Time Guide – some general tips and tools from the IRS
 
Avoiding tax scams – don’t get ripped off!
 

Beyond tax topics

Alright, that’s enough tax stuff for now. But we do cover a wide range of other personal finance topics if you’re looking to learn more. Feel free to get started with our free program, or you can browse topics here. Happy hunting!
 
 
This content is intended for educational purposes and should not be taken as specific investment advice. Please talk to your financial professional if you need help or are thinking about making changes to your investments.