Tax Planning Makes The Difference.
Did you know that those who build a tax plan prior to 12/31 save more money than those who don't?
Get StartedYour 2022 Year End Tax Checklist
- Employee Retention Tax Credits - have you amended prior year returns to claim the credits received as income.
- 2020 Amended return (Personal and corporate)
- 2021 Amended return (Personal and corporate)
- Confirm year-to-date business NET INCOME
- Review any fixed asset purchases eligible for BONUS DEPRECIATION
- Review other income sources:
- W-2 wages
- Investment Income
- Government Assistance
- Review any tax status changes in 2022 - new baby, marriage, divorce
- Review Tax Planning Opportunities
- Expense Acceleration - purchase of normal operating expenses in December may reduce taxable income for year.
- Missing Deductions - Are there any un-reimbursed expenses paid by employees that should be recorded in 2022?
- Employing children in business as tax strategy - payroll must be processed during CALENDAR year to qualify for 2022.
- Pre-tax retirement account - contribution can be made before 4/15/2023 to qualify for 2022.
Important Dates
- December 31, 2022 - Deadline for ALL payroll adjustments to qualify for 2022 tax year
- January 17, 2023 - Deadline for final quarterly estimate for 2022 tax year.
- January 31, 2023 - Deadline for all 1099’s to be sent to recipients
- March 15, 2023 - Deadline for filing of all partnership, S-Corporation returns
- April 18, 2023 - Deadline for filing of all individual returns and C-Corporation returns
