5 Tips to Help Prepare Small Business Clients for Success in this Tax Season

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However, if you live in a state where no state How Small Businesses Can Prepare For Tax Season 2021 is required, you can file completely for free. TaxSlayer traces its roots in tax preparation to 1965. It started offering tax software to professional tax preparers in 1991 and launched its consumer-facing do-it-yourself tax software business in 1998. With TaxSlayer, you can do your taxes online or with the TaxSlayer mobile app.

  • In some cases, it may even include a deduction for use of a home office or vehicle for business purposes.
  • Salaries, Employees’ PaySale of a business, Sale of a business.Sale of property, What Is a Disposition of Property?
  • Please check with your employer or benefits provider as they may not offer direct deposit or partial direct deposit.
  • Both the Premium and Self-Employed editions include Audit Assistance for up to 3 years after your return is accepted.
  • Your client should determine the break-even point on contracted services.

As a business owner, it’s important to understand your federal, state, and local tax requirements. This will help you file your taxes accurately and make payments on time. The business structure you choose when starting a business will determine what taxes you’ll pay and how you pay them. Electronically filing and choosing direct deposit is the fastest way to get your refund.When using direct deposit, the IRS normally issues refunds within 21 days.

How Block Advisors can help your business.

How to allocate interest between personal and business use. For more information about deducting interest, see chapter 4 of Pub. You cannot deduct premiums for a policy that pays for your lost earnings due to sickness or disability. Life insurance covering your employees if you are not directly or indirectly the beneficiary under the contract. You must follow special rules and recordkeeping requirements when depreciating listed property.


In addition to the credit form, you also need to file Form 3800. This credit is for renewable energy sources produced in the United States or U.S. possessions from qualified energy resources at a qualified facility. The investment credit is the total of the several credits.

How Businesses Can Best Navigate the 2022 Tax Season

If you know of one of these broad issues, it to them at Use the Offer in Compromise Pre-Qualifier to see if you can settle your tax debt for less than the full amount you owe. For more information on the Offer in Compromise program, go to

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Although the 2022 tax season is shaping up to be closer to “business as usual,” there are some considerations of which small business owners need to be aware. As a sole proprietor or partner who materially participates in your own business, you are subject to the employee and employer portion of Social Security taxes and Medicare Taxes. If you personally earned more than $400 from business activities, it should be reported as self-employed income and paid at the self-employment tax rate. Estimated taxes are the payments businesses are required to make on a quarterly basis. For C corporations, estimated taxes must be paid if you expect to owe more than $500 in taxes. For all other business structures, you are required to pay taxes if it’s likely you’ll owe more than $500 on your individual tax return.

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