Make money work for you!

  • Home
  • Personal Finance
  • Budgeting
  • Shopping
  • Taxes

8 Tax Season Preparation Steps (2023)

January 17, 2023 · Taxes

tax season
Photo by hareluya from Shutterstock

3. Gather Your Documents

The next step in tax season is to collect all tax documents you have from your employer, bank, and other financial institutions. Keep in mind that if you have a side gig or sell things online and get paid via a payment network like PayPal, the payment network won’t send you a Form 1099-K unless you make at least $20,000 in a year, according to the IRS.

In this case, it’s important to keep your records yourself so you can easily report all your income. If your side gig makes a minimum of $600, you’ll receive a Form 1099-MISC. For earning under this amount, you won’t receive a Form 1099-MISC, but you must still report all income. Also, make sure that your social security numbers are correct.

Pages: 1 2 3 4 5 6 7 8 9

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • Laptop showing an order return screen beside folded cardigans, a shipping box, and a return label on a table. 10 Store Return Tricks That Backfire on the Shopper
  • A senior couple sits at a wooden table, with the woman reading a retirement summary paper while the man drinks coffee. 7 Reasons Retirees Are Choosing Fixed Indexed Annuities
  • A mature man sits on a sunny terrace overlooking a hillside town, beside a steaming mug and a tablet displaying bank balances. 12 Countries Where American Retirees Can Bank Without Extra Fees
  • A woman sits at a wooden dining table reviewing retirement account paperwork alongside folders, mail, and eyeglasses. 10 Signs You Need to Update Your Beneficiaries Now
  • Man sitting at an outdoor café table examining a U.S. passport, tax documents, and an espresso cup. 12 Countries With Tax Treaties That Protect Retiree Income
  • Senior couple sitting at a wooden table in a sunlit kitchen, the man drinking from a mug and the woman reading a book. 11 Money Habits That Separate Relaxed Retirees From Anxious Ones
  • Senior man sitting at a wooden table looking thoughtfully at a financial portfolio on a digital tablet. 8 Reasons Retirees Are Ditching Traditional Banks
  • Watercolor illustration of a senior couple walking down a trail past milestone markers labeled 2027, Tax Policy, and 2028. What Are the Projected IRMAA Brackets for 2027 and 2028?
  • Senior man sitting at a wooden desk with paperwork, a pen, and a steaming mug, looking thoughtfully out a window. 12 Biggest Money Mistakes to Avoid in Your 70s
  • A senior couple reviews financial documents, a monthly budget, and a year-end planner at a dining table. 8 Ways Retirees Could Save $10,000 by the End of the Year

Newsletter

Get money-saving tips and personal finance advice delivered to your inbox.

Related Articles

change return

9 States That Made Big Changes to Their Tax Laws

#3 Arkansas While this change will not impact every taxpayer individually, it is something that…

Read More →
experts, reduce, change, taxes, home, income

Want to Reduce Your Taxes? Here Are 7 (Necessary) Tips 

3. Do you have a side hustle? Use it for business deductions If you have…

Read More →
tax documents

7 Important Tax Documents to Never Throw Away

Hands carefully sorting through an accordion file folder to ensure important tax documents are organized…

Read More →
tax deduction

Bigger Refunds Ahead? What the New SALT Cap Means

Additional Factors to Consider Homeownership matters: Property taxes are a major part of SALT deductions,…

Read More →
tax deductions, save

Top 9 Most Hassle-Free Deductions on Taxes

Out-of-pocket charitable contributions No one can overlook the big charitable gifts you have made during…

Read More →
retirement

10 Ways to Cut Down on Taxes in Retirement

Retirement is meant to be easy, but with inflation rising, the overall situation is more…

Read More →
Stimulus Check

These 18 States Are Sending Out Stimulus Checks Now!

3. Delaware – $300 Refund Checks Payments of $300 were issued as a “relief rebate”…

Read More →
income retire stealth

10 Types of Retirement Income Tax You Need to Know About

Pensions Pension payments that you get from private and government pensions are 100% taxable but…

Read More →
property taxes

Here Are 10 States With the Most Favorable Property Taxes

3. Louisiana Average House Value in 2022: $203,222 Effective Property Tax Rate in 2019: 0.51%…

Read More →
The Money Place

Make money work for you!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Private Policy

Categories

  • Budgeting
  • Personal Finance
  • Shopping
  • Taxes

© 2026 The Money Place. All rights reserved.