How to Prepare for Tax Season


Happy New Year! Now that 2024 has officially begun, it means that tax season is just around the corner. While it may not be the most exciting thing to think about right as the year is just getting started, it doesn't have to be something you dread in the back of your mind until April rolls around. By preparing early, you can make filing your taxes simpler than ever. Whether you choose to prepare on your own or hire a tax professional, getting a head start can help get your taxes done faster and eliminate the stress of the looming deadline.

Tax Planning

Everyone wants to make the most of their taxes. Whether this means limiting tax liabilities, qualifying for tax breaks, or getting the highest return you can, getting out of tax season with a positive outlook is important. By figuring out your filing needs beforehand, you can know exactly what to expect and know how to maximize your benefits. Do you want the help of a tax professional? Are you filing jointly? The process may differ from personal to person, but as long as you know what you need, you can set yourself up for success this tax season.

First, understand what forms you need to file. W-2? 1099? There are many different tax forms that apply to different needs, and you may need more than one. Make sure you keep track of them, and have them in hand with plenty of time before the filing deadline. You may need to get other paperwork in order in addition to your forms, in case you are expecting any tax deductions or credits. Then, decide whether or not you are looking to take the standard tax deduction, or plan to itemize your return. It might be worthwhile to go through your expenses from the previous calendar year and see if anything may qualify you for a specific tax break. If your filing needs are a bit more complicated than just a couple forms, you may even want to approach an expert to alleviate some of the struggles that can accompany difficult filing needs.

Once you have the tools you need for tax planning, you can start planning year-round to simplify the process even more. If you keep track of your expenses all year long, note which deductions or credits you're qualified for, and know how much you're withholding from taxes in your income, you can be ready well in advance and file your taxes without any unexpected difficulties or surprises.

Consider a Tax Professional

If you want to really optimize your filing process, consider consulting with a professional. This can be a great filing choice for those who have complicated taxes, or simply prefer to let an expert help. Many investors choose to file with a professional due to the complex nature of taxes when it comes to investments. A professional can take the load from you and make sure your taxes are filed properly with your best interests in mind.

If you'd rather file yourself, there are many services that allow you to do your taxes on your own, but you should always make sure to plan in advance when you choose to go this route.

Decide How to File

As an investor with Webull, you can save up to 20% when you file with TurboTax. With TurboTax Premier, you can easily import your tax documents from your Webull account to make the process seamless and stress-free. If you choose to use any of the offerings from TurboTax as a Webull customer, you can enjoy the services at a discounted price. Save time, potentially reduce tax liabilities on your investments, and get help from an expert, all at a lower cost.

Disclaimer: Visit for TurboTax product guarantees and other important information. Limited time offer for TurboTax 2024. Savings are on TurboTax federal products only. Terms, conditions, features, availability, pricing, fees, service, and support options subject to change without notice. Intuit, TurboTax and TurboTax Online, among others, are registered trademarks and/or service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners.

Disclaimer: Webull does not offer tax advice. For any questions about taxes, including how to file, we recommend speaking with a tax professional. Webull Financial LLC (member SIPC, FINRA) offers self-directed securities trading. All investments involve risk.  Index Option Contract Fees, Regulatory Fees, Exchange Fees, and other Fees may apply. More info: