February 2023 – Tax Documents: Best Practices
TAX DOCUMENTS: BEST PRACTICES
As we prepare for the 2022 tax filing season, we understand this is a busy time of the year for you as well.
To help streamline the tax return filing process, we wanted to reach out to you with a few helpful tips regarding the best way to provide your tax documents to us this year.
As a general rule, we prefer electronic copies of your tax documents. These are often located on your financial institution’s website, and can be downloaded to your desktop as PDF files. Once these documents are downloaded from the financial institution’s website, the most secure method to provide these to us is through our portal.
Please do not email your tax documents to us: our secure portal is the best place to upload your documents to ensure your sensitive information remains protected. If you are unsure of how to access your portal or upload documents, please feel free to give us a call at (970) 223-2727 and we will be happy to assist you.
ELECTRONIC DOCUMENT QUALITY
To ensure the best quality of your electronic documents, please do not take photos of the documents. Instead, please scan the documents through a conventional scanner or download the documents directly from the financial institution issuing them and then upload them to our secure portal. Alternatively, you are welcome to contact your financial institution and ask them to provide us with your tax information directly.
GENERAL SCANNING TIPS
If you are using a conventional scanner to scan your documents in, please keep these tips in mind:
– Scanner settings of 300 DPI, black & white are recommended.
– Please ensure pages are scanned in the correct orientation (for example, landscape documents should be scanned in landscape format, portrait documents should be scanned in portrait format).
– If you are scanning a multi-page document, please ensure all of the pages stay together in the same scanned document.
– Please only scan one document per page. For example, please do not scan two different source documents to one single page.
– Please save your scanned documents as either a PDF or TIFF. Please do not use any document formats outside of the PDF and TIFF.
– If the option is available on your scanner, please de-skew your scans.
– Please do not use the de-speckle function on the scans that you provide us.
An alternative to the conventional scanner is an application called Adobe Scan, which can be downloaded to your smartphone. Your smartphone will use its camera capabilities to create high-quality scans that can then be saved and uploaded to the portal.
As a general rule, please ensure your scans are legible. If you are unable to read the scans, it is likely we will also have difficulty reading them. If needed, please adjust your scanner and re-scan the document to create a clear picture of the document. Please see the following examples of scenarios when a re-scan is likely necessary:
– The scan image is too light and appears faint.
– A watermark appears on the document.
– The image background is too dark.
If you prefer to provide us with physical documents through the mail or at the office instead of electronic copies, we are happy to facilitate this as well. Please provide us with original copies of your tax documents: we will scan your documents in and return your original documents to you when we complete your tax returns.
As always, please feel free to reach out to us with any questions regarding this information.
2023 Soukup Bush Deadlines
FEBRUARY 15, 2023: For our clients who own pass-through entities – please provide all documents and required information for partnership and S-corporation tax returns by February 15, 2023. In order to provide our best service, your tax return will be extended and completed after April 15, 2023 if there is still outstanding information needed by February 15, 2023.
Please Note: extended business returns will be prepared after the individual filing deadline, April 15, 2023. Thus, we will also be filing an extension for your individual return if we extend your business return.
MARCH 10, 2023: For our clients with individual and C-corporation tax returns – please provide all documents and required information for individual and C-corporation tax returns by March 10, 2023. In order to provide our best service, your tax return will be extended and completed after April 15, 2023 if there is still outstanding information needed by March 10, 2023.
2022 Filing Deadlines
JANUARY 31, 2023 – Form 1099 NEC and the related Form 1096 must be filed with the IRS for any non-employee compensation paid
FEBRUARY 28, 2023 – Form 1099 MISC and the related Form 1096 must be filed with the IRS for rents, royalties, or other payments (MARCH 31, 2023 if filed electronically)
MARCH 15, 2023 – Federal and state income tax returns are due for calendar-year flow-through entities, including partnerships and S-Corporations
APRIL 18, 2023 – Federal and state income tax returns are due for individual taxpayers, C-Corporations, and Estates and Trusts
SEPTEMBER 15, 2023 – Federal and state income tax returns are due for flow-through entities, including partnerships and S-Corporations if extended
OCTOBER 2, 2023 – Federal and state income tax returns are due for trusts if extended
OCTOBER 16, 2023 – Federal and state income tax returns are due for individual taxpayers, and C-Corporations if extended
2023 Estimated Payment Deadlines
JANUARY 16, 2023 – 4th quarter estimated payments for 2022 are due to the IRS and Colorado Department of Revenue
APRIL 18, 2023 – 1st quarter estimated payments for 2023 are due to the IRS and Colorado Department of Revenue
JUNE 15, 2023 – 2nd quarter estimated payments for 2023 are due to the IRS and Colorado Department of Revenue
SEPTEMBER 15, 2023 – 3rd quarter estimated payments for 2023 are due to the IRS and Colorado Department of Revenue
EMPLOYEE SPOTLIGHT: AVERY LUX
Avery joined the Soukup, Bush & Associates team in August of 2022. After growing up in Fort Collins, he attended Western Washington University, where he was a thrower on the track team and graduated with a degree in Financial Economics. He then moved back to Fort Collins and spent two years on the Colorado State track team before graduating with a Master of Sport Management degree in 2022. At the firm, Avery assists the team with both bookkeeping and tax projects.
In his free time, Avery enjoys donning a kilt and competing in the Highland Games, a Scottish/Irish throwing competition taking place at festivals throughout the summer.