The end of 2023 is just over a month away and some Iowans may want to make use of their time off over the next few days by getting their financial picture in order, before the flurry of December activities start to pile up.
IRS spokesman Christopher Miller says if you get the bulk of your tax documents organized over the Thanksgiving holiday, it could save you some headaches in the new year. Miller says, “So start now to gather the tax forms you’ve received from your bank or broker, like 1099 forms that show interest or earnings from bank accounts or investments, gather up all those W-2 forms.”
While some important forms won’t be coming in the mail until late January, Miller says you’ll want to make sure everything else is in line as far as your income is concerned. “That includes income from unemployment, digital assets, and even part-time or gig economy work,” Miller says. “Unless it’s specifically excluded by law, you need to include all those things in income.”
Miller says Iowans should also consider what, if any, deductions they’re going to claim, which can make it easier if you want to go over the standard deductions with charitable donations or other claims.