Small Businesses Need to Consider These Actions Now to Lower 2022 Taxes

Did you, like me, grumble at the amount of taxes you had to pay this past year? Now’s the time to do something about it, at least for 2022. March 15 was the deadline day for small businesses that filed “pass-through” returns and next week (April 18) is the tax deadline for individuals and corporations, which means — unless you extended your returns until October — your, 2021 tax year is pretty much over. But instead of putting taxes out of your mind — the federal, state and city government can eat up from 20% to 40% of your income — we should all be thinking ahead. Because the more planning we can do for 2022, the less in taxes we may have to pay. So here are some actions that small-business owners can take right now to save on this year’s taxes. For most accountants, busy season is almost over. Which is why you should be setting up an appointment to meet in May. Why? Because by that time the year is almost half-over and there’s still plenty of time to plan your tax moves. Also, by sharing with your accountant how your business has been doing this year, and your projections for the rest of the year, better tax estimates can be made, which should help to avoid surprises. READ FULL ARTICLE>>