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Tax

Your 2022 Small Business Tax Preparation Checklist

By December 13, 2021 No Comments

By this time of year, you’re not even thinking about 2021 anymore. Most of you are probably thinking about what 2022 brings (that’s how growing businesses work, right?)

But when it comes to taxes, it’s always going to feel like having one foot in a room where you’ve already closed the door. Who can keep up with that? We hear you! 

That’s why we’ve made a small business tax preparation checklist for you (with a few pro-tips thrown in) to make sure you’re not solely focused on paying your taxes from last year but on the growth ahead, too.

Ready to get started? Keep on scrolling!

Step 1: Add Tax Deadlines to Your Calendar

There are a few different tax deadlines that you need to keep in mind. Take a look at these dates, and jot down any that are relevant to your business’s tax needs.

For reference, the quarterly tax payments apply to those who are self-employed or receive a form of income that requires you to pay quarterly estimated taxes.

small business tax checklist

P.S. We have a free small business tax calculator to help you with your quarterly estimated tax payments!

Step 2: Figure Out Which Tax Form You Need

Different business types need different tax forms. See our visual below. 

small business tax checklist

Step 3: Consider a Tax Extension

Tax extensions aren’t for everyone, but it may pay off depending on your unique situation.

You may benefit from a tax extension if:

–       You don’t have all your documents and information ready

–       Your small business return has not been completed yet

–       Upcoming retirement funds could be deducted from 2020 taxes

Whether you extend your return or not, your tax payment is due to the IRS by April 15. So, why consider an extension? If you’re late without an extension, you’ll owe the full payment, in addition to interest. However, if you choose to extend, you can avoid penalties and interest rates.

Step 4: Pick Your Tax Services

Taxes can feel overwhelming, but you don’t have to do it alone! Acuity offers plenty of resources to simplify your to-do list and set your small business up for success.  Plus, we partner with the best small business tax software companies out there. 

Cleanup

Even if you’re not as organized as you’d like to be, you can still make the most of your tax return. We’re here to help you with bookkeeping cleanup. That way, you don’t have to worry about details from your invoices or statements getting lost in the shuffle.

Tactical Bookkeeping Support

Taxes don’t have to be complicated. We’re here to show you how to make them as simple as possible for busy business owners like you.

Let our team work behind the scenes to ensure you’re ahead of the game. While you’re working, we’ll put together financial reports and up-to-date, tax-ready books. We work proactively to prepare taxes without involving business owners — so you can enjoy a simple (and paperless) experience!

Compliance

It can be difficult to keep up with any new tax laws for small businesses. We’re here to keep you informed and help you stay compliant.

Our bookkeeping services and our tax services are connected, so you can be sure that everything is running smoothly. Pairing these services improves tax estimates and implements tax planning strategies to ensure they flow through your personal tax return, maximizing your tax savings.

Analysis

Work with an expert so that you’re ready for success. Our dedicated controllers are here to help you build accurate budgets, streamline workflow processes, and address complex accounting issues, such as deferred revenue and GAAP-based accounting.  

Strategy

Our chief financial officers are experienced leaders who know how to manage mergers, acquisitions, funding challenges, and more. By working with an Acuity CFO, you can have the confidence that you’re making sound decisions for your business’s future.

Step 5: Use Your Tax Return Wisely

Choosing the right services for your business saves you time, money, and energy – things that are much better focused on your passions. We offer a handful of options, ranging from quarterly to daily services. Every business is different, so take a moment to see what’s best for you.

What’s next?

We hope that our small business tax preparation checklist helped answer most of your questions. If you have additional questions, submit them below and schedule time to talk to our team! We’re always here to help.

Also, don’t forget to check out our recent blog posts – Free Quarterly Tax Payment Calculator and 2022 Tax Deadlines And Dates: What Business Owners Need To Know When Filing This Year.