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Tips to prepare for tax seasons 2022 & 2023

Posted at 1:18 PM, Jan 25, 2023
and last updated 2023-01-25 13:18:46-05

It is officially tax season. WSFL-TV Trusted Advisor, Sharon Alexander of SA Financials, joined Inside South Florida to share tips to help you get the most out of your tax refunds.

“There was an announcement from the IRS that anyone who has a business receiving payments for its products or services through any third-party platform had to report a 1099K form,” says Alexander. “There's some good news. They decided to make that law applicable for the 2023 tax season next year.”

A company’s incorporation type can impact its tax benefits eligibility.

“If your tax year starts in January and your fiscal year ends December 31st, March 15th is the deadline for you to select the s-corporation status to receive more ‘pass through’ taxation benefits,” says Alexander. “If you can't understand what's going on with the IRS website, we are here to take the time to break it down.”

For more information, visit SAFinancial.net

This Inside South Florida segment is paid for by SA Financials.