As the year rolls on, businesses must begin preparing for tax season. With new tax laws and changes, businesses should stay up to date on the latest information to avoid penalties and ensure they are taking advantage of all possible deductions and credits. However, that’s easier said than done due to the complex, changing tax codes and the time-consuming nature of tax preparation. Luckily, 3Alpha’s accounting experts offer top-tier tax prep services like bookkeeping and accounting in Atlanta, GA, and throughout the country. In this blog post, we’ll discuss what businesses can expect for this year’s tax season.
Changes in Tax Laws for 2023
First and foremost, businesses should be aware of any changes in tax laws that may affect them in 2023. The Internal Revenue Service (IRS) periodically updates its rules and regulations, so it is crucial to stay informed. For the 2023 tax year, the IRS has made several changes that businesses need to know.
One significant change is the increase in the standard deduction, which has risen to $25,500 for married couples filing jointly and $12,750 for single filers. Additionally, the IRS has updated tax brackets, with a top marginal rate of 37% for income above $628,300 for married couples filing jointly and $523,600 for single filers. Other changes include an increase in the maximum contribution limit for 401(k) plans and an increase in the estate tax exemption.
Key Documents Required for Tax Preparation
Businesses must keep accurate and complete records throughout the year to prepare for tax season. Key documents required include the following:
- Financial statements
- Payroll records
- Receipts
- Invoices
It is essential to keep these documents organized and easily accessible to ensure the tax preparation process runs smoothly.
One useful tip is to digitize all documents and store them securely in the cloud. This allows for easy access and prevents documents from being lost or destroyed. Businesses can also work with a tax preparation service that can assist with record-keeping and document management. Our knowledgeable and experienced 3Alpha tax specialists perform bookkeeping and accounting in Atlanta, GA, and across the US.
Common Mistakes to Avoid
When preparing taxes, businesses must avoid common mistakes that could lead to penalties or audits. One common mistake is failing to report all income, including cash and non-cash income. Businesses must also ensure that all expenses are accurately reported, with appropriate documentation to support each deduction.
Another mistake to avoid is failing to file on time. Businesses need to meet all deadlines to avoid late filing penalties. Additionally, businesses should avoid rounding errors, as these can raise red flags with the IRS.
Our Bookkeeping and Accounting in Atlanta, GA
Finally, businesses can benefit significantly from using 3Alpha’s tax preparation services. Our services offer a wide range of benefits, including accurate and timely tax preparation, access to tax experts, and help with record-keeping and document management.
One of the most significant benefits of using a tax preparation service is the time and money it can save businesses. With tax experts handling the preparation process, businesses can focus on their core operations and grow their business. Additionally, tax preparation services can help businesses take advantage of all available deductions and credits, reducing their tax burden.
Get Your Business Tax-Ready Today with 3Alpha’s Bookkeeping and Accounting, Atlanta, GA
Businesses can stay ready for any tax season by keeping accurate and complete records throughout the year and working with a tax preparation service, like 3Alpha, to save time and money.
At 3Alpha LLC, we specialize in helping businesses prepare for each tax season. Our team of accounting experts has years of experience in the industry and can help businesses navigate complex tax laws and regulations.
Click here to contact us today to learn more about our bookkeeping and accounting in Atlanta, GA, along with our many other services, and how we can help your business prepare for 2023’s tax season.