For business owners, the end-of-year holiday season is quickly replaced with tax season. And with the IRS pushing the opening filing date forward to Jan. 24, it’s even more important for business owners to have all their financial ducks in a row to file their 2021 return.
In addition to an earlier opening date, most businesses, with the exception of sole proprietorships and LLCs have a deadline of March 15 to file.
According to Mary L. Reha, EA, an enrolled agent and co-owner of Phoenix’s Arete Financial Solutions, if your business doesn’t have a solid tax plan in place, now is the time to sit with a tax professional to create a roadmap to maximize your tax strategy.
“We sit down with you and review your prior year return, let you know if you’re missing things and come up with an individualized plan outlining how Arete can help your company maximize a tax strategy,” said Reha.
Reha is one of a select group of Enrolled Agents certified to practice in 50 states, as well as represent individuals against the IRS. Reha advises that with state and federal tax laws seemingly changing every year, it is best to consult with a tax professional. Key items to be aware of this year include:
New tax laws that impact business owners:
- 1099 NEC form
- The increase in business meals percent deductions
- Employee retention, sick leave and family leave credits available
- Charitable deductions
- Energy efficient building and other energy credits
- Student loan repayments
Important items for businesses to have for filing including;
- Review balance sheets, P&L and assets
- All equity, distributions and loans by owners
- All completed employee and contractor paperwork
- Expense documentation
- Payroll receipts
“It’s crunch time for businesses to file,” said Reha. “The tax system is complex, having a tax professional from Arete on your team ensures that nothing gets missed, that your company is maximizing the business deductions and credits available and your return is spotless and filed on time.”
Arete Financial Solutions is a firm centered on providing individuals and businesses complete financial wellness. The Arete professionals offer a wealth of financial services including tax, accounting, financial planning and legal all in one convenient location. Arete Financial Solutions office is located in the west valley with clients across Arizona and the U.S.