J.K. Lasser's Small Business Taxes 2022

Preface

Many small businesses were adversely affected by COVID-19. Thousands closed temporarily or permanently while others stayed open but suffered significant revenue loss. Fortunately, many were able to hang on or even prosper. Various government programs, such as the Paycheck Protection Program (PPP), helped some in need. And a record number of new businesses sprung up in the wake of the pandemic. With the worst of COVID-19 behind us, small businesses are looking ahead to adapt to changes in the economy wrought by the pandemic, such as remote work arrangements, difficulties in hiring needed staff, shortages of certain items and materials, and inflation. Business policies are, or should be, under review.

With this in mind, tax changes and opportunities should not be overlooked. The American Rescue Plan Act of 2021 and other law changes altered many tax rules. Some of the changes apply only for 2021, some through 2022, others even longer, while still others are permanent. As a small business owner, you can't rely on the tax rules you've become accustomed to. You need to familiarize yourself with new rules to minimize your 2021 taxes, figure estimated taxes for 2022, and obtain tax refunds from certain prior years.

This book focuses primarily on federal income taxes. Businesses may be required to pay and report many other taxes, including state income taxes, employment taxes, sales and use taxes, and excise taxes. Some information about these taxes is included in this book ...