March 2023 Individual Due Dates
March 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 8 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
March 15 - Time to Call For Your Tax Appointment
It is only one month until the April due date for your individual income tax returns. If you have not made an appointment to have your taxes prepared, we encourage you to do so before it becomes too late. Call your BATS team today to schedule yours: (208) 577-6665
What to bring:
Personal documents
Bring all documents below.
Photo ID
Social Security Cards, Social Security Number verification letters, or Individual Taxpayer Identification Number assignment letters for you, your spouse, and any dependents
Birth dates for you, your spouse, and dependents on the tax return
Bank account and routing number or a voided check for direct deposit of your refund
2020 and 2021 tax return, if you have them
Income
Bring all documents that apply.
Employment Income
W-2 form(s) for all jobs last year (your employer(s) will have sent you this by January 31st)
Self-Employment Income
Records of income not reported on 1099 forms
Records of expenses including receipts, credit statements, etc.
Record of estimated tax payments
Retirement or Disability Benefits
SSA-1099 form for Social Security benefits
1099-R for pension/IRA/annuity income
Unemployment Income
1099-G for unemployment benefits
Other sources of income
1099-G for refund of state/local income taxes
1098-T for scholarships/fellowships
Income or loss from the sale of stocks, bonds, or real estate
Income or loss from rental property
Alimony received
Statements for prizes or lottery/gambling winnings
1099-INT/1099-DIV for Interest and dividend statements from banks
Records for any other income
Expenses
You may be able to claim tax deductions for some of the expenses you have. These deductions reduce the income you are taxed on. Bring documentation for all of the following expenses you have.
Retirement contributions, including a 401(k) or IRA
State and local taxes you’ve paid
Mortgage statements and property tax bills if you are a homeowner
College tuition (Form 1098-T) and student loan statements (Form 1098-E)
Childcare expenses, including payment records or receipts and provider’s name, address, and federal tax ID number (either their Social Security Number or Employment Identification Number)
Receipts for charitable donations
Medical and dental bills
Records for supplies used as an educator
Other Tax Documents or Notices
Form 1095-A if you had coverage through the Health Insurance Marketplace
Documents from the IRS, Health Insurance Marketplace, your state tax agency, or anything that says “IMPORTANT TAX DOCUMENT”
Bring the following if you have them and are filing a 2020 or 2021 tax return to claim missed stimulus checks or the 2021 expanded Child Tax Credit:
IRS Notice 1444, 1444-B, and/or 1444-C for your Economic Impact Payments (also known as stimulus checks)
IRS Letter 6419 for your Child Tax Credit advance payments
IRS Letter 6475 for your 3rd Economic Impact Payment (stimulus check)
Don’t worry about having all your information available before making the appointment. If you do not have all your information, we will simply make a list of the missing items. When you receive those items, just forward them to us.
Even if you think you might need to go on extension, it is best to prepare a preliminary return and estimate the result so you can pay the tax and minimize interest and penalties. We can then file the extension for you.
We look forward to hearing from you.