This year the IRS moved the deadline for filing the 2020 federal income tax returns from April 15 to May 17, 2021. This change comes after lawmakers, tax professionals, and others put intense pressure on the agency to "help taxpayers navigate the unusual circumstances related to the pandemic" by giving them more time to file their 2020 federal income tax returns. The IRS issued Notice 2021-21 with … [Read more...]
Remember these Tax Deadlines in 2020
Whether you’re filing taxes once a year as an individual or married couple, or as a business entity, advance planning and tips from Ten Key will keep your tax season stress-free, so you can focus on your business. Mark your calendars for the correct filing deadlines for filing returns for the 2019 tax year so you’ll have peace of mind—and avoid costly penalties.For individualsAren’t all … [Read more...]
Tax Season is over, but it’s Never too Early to Prepare for Next Year
The typical mad rush of tax filers inputting data and struggling to find all the necessary details to file their taxes before the midnight deadline is finally over. Phew! We made it. While we’re all breathing a sigh of relief that tax season is wrapped and in the books, the reality is that now is actually the perfect time to start preparing for next year.NO! You might be screaming inside your … [Read more...]
Form 1099 – Don’t Get Caught Making These Mistakes
Once upon a time, there was a college student who worked part-time while attending school. As the new year rolled around, she sat down to file her taxes. She used the standard Form 1040EZ like she always did. But this year, she had received a Form 1099-MISC from the school for a project she had done with the student body association. Not finding anyplace on the 1040EZ form for this information, … [Read more...]
3 Things You Can do Before Year End to Minimize Next Year’s Tax Burden
With year end fast approaching, many of our clients are looking ahead to next year’s taxes. You may be wondering if there is a way to minimize your tax burden for next year. Especially if you had a good year and your cash flow is...well, flowing.The good news is, there are a few things you can do, but you need to get going on them ASAP. So we've provided a list of the top three quick and easy … [Read more...]