Entrepreneurs will face one of the most complex tax seasons on record due to refund delays, changes in state tax laws, and other rule changes
SUNNYVALE, Calif., March 15, 2022 /PRNewswire/ -- Verizon Small Business Essentials, which empowers business owners to launch and scale their ideas online, and its partner 1800-Accountant, a virtual accounting firm dedicated to making financial expertise more accessible to small business owners, together are sharing tips and insights to help small business owners navigate what is sure to be a complex tax season.
"The 2022 tax filing season is shaping up to be one of the most complicated on record. Various factors – like IRS staffing shortages, paperwork backlogs, and reporting on pandemic-related economic impact payments – will make filing taxes difficult for a lot of individuals," said Chris Wayne, managing director of web platforms at Verizon Small Business Essentials. "But for small businesses and entrepreneurs, the tax challenges are perhaps even more daunting. Together with 1800-Accountant, we're helping our small business customers by offering tips and insights to help them navigate this unique tax year."
Some important tips and considerations for small businesses to keep in mind for this year's tax season include:
- Don't be in a rush to file. Small business owners should take their time to make sure they get everything right, so they don't have to go back and fix any errors. That means getting all the necessary documents together ahead of time, reviewing them with a tax professional, and filing once they are sure everything is ready.
- Many state and local governments have not even finalized their business tax forms, which means that many returns cannot be filed until the state and local governments have updated their systems. This is another reason why entrepreneurs shouldn't be in a rush to file.
- Understand that there could be issues and refund delays because of backlogs and small business tax perks that expired. For instance, the IRS pushed back the tax return deadlines in both 2020 and 2021. However, for 2022, no extension has been granted thus far.
- Read up on the tax laws specific to where the business is conducted. Over 20 states have changes in their tax laws for 2022. These changes affect corporate income, individual income tax, and state and local taxes.
- Know which tax rules will affect the small business. It will vary based on business entity, business location, and even if a small business accepted a tax credit or a tax deduction.
"The challenges small businesses face with taxes in 2022 are different from anything we've ever seen in prior years, due to the sheer volume of rules changing and ending. There are federal pandemic perks, which are expiring this tax year, combined with evolving state and local taxes," said Elliot Gajadhar, Vice President of Product and Advisory at 1-800Accountant and licensed CPA in New York. "Small businesses can tackle some of these issues and get ahead of potential problems by starting early – they should get their documents together well ahead of time, educate themselves on all relevant tax changes, and consider seeking guidance from a qualified professional to make filing easy and accurate."
For more resources on navigating tax season, visit the Verizon Small Business Essentials website.
About Verizon Small Business Essentials
Verizon Small Business Essentials empowers business owners to launch and scale their ideas online. From creating a website to reaching new customers, Verizon Small Business Essentials solutions have been helping entrepreneurs succeed since 1998. Verizon Small Business Essentials is a division of Verizon, one of the world's leading providers of technology, communications, information and entertainment products and services. For more information, please visit Verizon.com.
About 1-800Accountant
1-800Accountant's mix of dedicated CPAs and technology allows the fastest, most-comprehensive service available for small business owners today. With an unmatched accounting infrastructure featuring experience in all fifty states and every industry, 1-800Accountant provides small-business owners the tools, solutions, and support they need to start, manage and grow their business while saving time and eliminating anxiety. Learn more at https://1800accountant.com/about
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SOURCE Verizon Small Business Essentials
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