The Ins and Outs of Tax Year 2023 Updates

Keep track of tax year 2023 updates as you report and file each of your business’s relevant tax documents. New tax updates and regulations affect businesses of any size during a tax season and throughout the entire year. Find the best tax and accounting software that meets your own business’s needs. Keep in mind that what your individual business requires will likely differ from another company’s needs regardless of size or industry. Look for a customizable and affordable tax software solution for your small business.

Advanced Micro Solutions offers a full accounting suite of tools for small businesses. Purchase our base W-2/1099 Forms Filer program to generate many types of 1099s, W-2s, and related forms. Users may include any of our six optional add-on modules with the purchase. Download our 1099-etc Demo software today and see which modules will help satisfy your company’s tax filing requirements for a given year.


How Does Legislation Affect Tax Year 2023 Updates?

Review the latest legislation and regulatory changes ahead of any tax year. The way that you report taxes and manage the company’s payroll will likely change. Some of the main areas to look for any changes in may include:

Small Business Deductions – Check each year to see what your small business can deduct from its tax expenses. Deductions may range from office rent and relocation expenses to office supplies and business bank fees. You may also partly qualify for a tax deduction based on your startup business expenses. The Internal Revenue Service allows small businesses launched in 2023 to deduct 100% of their startup expenses, up to $5,000.

Expensing Equipment – Your business may be eligible for asset write offs with tax year 2023 updates. Review the specific assets that your business purchased for its operation. Some of these assets that depreciate may qualify you for “bonus expensing.” Depreciating business assets include certain real estate, computers and electronic equipment, machinery, office furniture and appliances, and business-use vehicles.

Standard Tax Deduction – The standard deduction may fluctuate or increase like in previous years to simplify how American businesses file their taxes. Business owners should identify a current tax year’s standard deduction and how it differs if they submit joint filings.

Family and Medical Leave Tax Credit – Confirm whether you as an employer are eligible for a tax credit when you offer paid family and medical leave to employees for specific years. Stay on top of your eligibility and aware of when these sorts of credits expire.


Core Software Features that Support Businesses Each Tax Year

Find the best tools to streamline how your business handles tax year 2023 updates. Tax and accounting software for small businesses should include:

Diagnostics – Use software to identify where you may have missed providing required details. Trustworthy software prevents you from filing your returns until you address and correct these mistakes. Entering an invalid Social Security number or an incorrect figure should result in the system flagging the error. Catch these mistakes early to save your business’s time and reduce the risk of incurring penalty fees.

Customer Support – Invest in tax software with a strong customer service arm. Reach out to a vendor about accessing assistance that goes beyond referencing a Frequently Asked Questions page. Some vendors provide regular on-call support for their users.

Electronic Filing – Most tax software provides users with e-filing capabilities. Check tax year 2023 updates to determine when you must e-file. You should also know when the IRS simply prefers e-filing for greater security and decreased processing time.

Security and Storage – Store your company’s data for as long as the IRS requires you to with a secure tax program. Many programs encrypt data and allow you to store relevant documents for several years. Storing a file digitally helps for when you need to access it during tax season 2023 or an audit.


Why Do Small Businesses Prefer AMS?

Our system’s W-2/1099 Forms Filer program provides an easy-to-use, menu-driven format. Enter data onto entry screens that reflect actual 1099, W-2, and similar forms. Choose your electronic filing option from our E-File Services based on whether you want to file the forms directly or use a third-party vendor.

Payer backup and restore features are also available with the main system. Decide whether you want to save your reports to a PDF and encrypt each of them. Further improve your security and accuracy by creating an SSN verification file. Verify all your employees’ Social Security numbers with the Social Security Administration. These tools and others should help you to manage tax year 2023 updates and any future developments.

Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.