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. "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. It will vary based on business entity, business location, and even if a small business accepted a tax credit or a tax deduction. Know which tax rules will affect the small business.These changes affect corporate income, individual income tax, and state and local taxes. Over 20 states have changes in their tax laws for 2022. Read up on the tax laws specific to where the business is conducted.However, for 2022, no extension has been granted thus far. For instance, the IRS pushed back the tax return deadlines in both 20. Understand that there could be issues and refund delays because of backlogs and small business tax perks that expired.This is another reason why entrepreneurs shouldn't be in a rush to file. 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.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. 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.Some important tips and considerations for small businesses to keep in mind for this year's tax season include: Together with 1800-Accountant, we're helping our small business customers by offering tips and insights to help them navigate this unique tax year." "But for small businesses and entrepreneurs, the tax challenges are perhaps even more daunting. 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. "The 2022 tax filing season is shaping up to be one of the most complicated on record. SUNNYVALE, Calif., Ma/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. 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
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