As the year draws to a close, it's an opportune time for businesses to get their financial affairs in order, especially when it comes to taxes. At Ten Key, Inc., we understand that tax preparation is more than a mere compliance ritual; it's a strategic step towards your business’s financial health and growth. This year, with the introduction of the ASC 842 lease accounting standard, there's an … [Read more...]
Your Guide to the 2023 Tax Season (Tax Year 2022)
As you prepare your tax filings in 2023, it's worth noting that there are a few updates to keep in mind for this year. Among these changes are an increased standard deduction, adjusted tax brackets, and modifications to certain tax credits and deductions. But before we dive into the details, here are the important tax filing dates for 2023. Important Tax Filing Dates for 2023April 18, 2023, … [Read more...]
1099 and 1096 Forms: Why and when does your small business need to file them?
Proper preparation is a must for all taxpayers but if you own a small business, there are a few additional steps you need to take to get ready for tax season—and, depending on your business, that may include IRS Forms 1096 and 1099.But what, exactly, are IRS Forms 1096 and 1099? Does your business need to submit both forms or even either to the IRS? And, if so, how do you fill out the … [Read more...]
How Bookkeepers Help File Your Small Business Tax Returns At The End of the Year
The end of the year is a busy time for tax preparers and bookkeepers. Accountants must have all tax records for their clients gathered to file timely tax returns. Since tax laws constantly change, tax preparers must stay on top of changes throughout the year in order to be sure that tax forms will be correct by the time tax season comes around again. At the end of the year, this task becomes even … [Read more...]
How To Navigate PPP Loan Forgiveness, 1st And 2nd Draws
Why was the Paycheck Protection Program (PPP) loan created? The Paycheck Protection Program (PPP) was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. PPP loans draw one and two. The First Draw PPP started on March 2020 and has been extended multiple times. On January 6, 2021, the Small … [Read more...]