It might not be your first thought to file your 2023 taxes now that Christmas is almost here. That being said, thinking about it before the new year might be a good idea.
Smart Tax Strategies for Individuals and Small Businesses: Insights from Mark J. Kohler
In a recent KING 5 interview, CPA and small company attorney Mark J. Kohler provided tax advice. His advice can assist individuals and small businesses in making tax season decisions.
According to CNBC, overpaying or withholding more than owed might result in federal tax returns. The average IRS refund was $3,054 in 2023, as of October 27. This highlights the financial benefit of refunds and the need for tax preparedness.
Small business entrepreneurs must address work-related expenses. Kohler stresses the need for 1099 form accuracy. Documenting work-related expenses assures tax compliance and optimizes deductions, giving small business owners tax optimization options.
Navigating Year-End Tax Planning with Kohler’s Practical Insights
Taxpayers must analyze potential deductions and credits as the year-end tax deadline approaches. Kohler’s counsel is especially pertinent when people and organizations evaluate their finances and reduce their tax liabilities.
In conclusion, understanding prospective tax returns, average refund amounts, and specific tax documents like 1099 can greatly affect an individual or small company owner’s financial situation during tax season. Kohler provides practical advice for navigating the tax code and making smart financial decisions.