In this one-minute moment, Dr. Friday, president of Dr. Friday’s Tax and Financial Firm, emphasizes the importance of not rushing through your 2023 tax preparation. She advises ensuring you have all your tax documents to avoid common mistakes that often lead to receiving “love letters” from the IRS. These mistakes include not realizing inherited assets are taxable, failing to report sold stocks, or thinking that taxes withheld from 401k or IRA withdrawals mean you don’t have to report them. Dr. Friday offers her assistance to help you navigate these potential pitfalls.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
What do you need to know when preparing your 2023 taxes? First and foremost, don’t rush to the finish line. Make sure that you have all of your tax documents. One of the large reasons I get people in my office after tax season, maybe even sometimes during tax season, is because they’ve received a love letter saying the IRS has changed their tax return because. Many times it’s because maybe you inherited something and you didn’t realize it was taxable, or you sold some stock and you didn’t realize you had to report it. You took money out of a 401k or an IRA and you thought that since they took the taxes out you didn’t have to report it. These are the kinds of mistakes you don’t have to make. Just call me if you need help.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 right here on 99.7 WTN.