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2022 Tax Planning Guide

Business Tax Considerations Checklist

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Whether recovering from losses due to the pandemic and working to grow sales, business owners need to plan. Here's a checklist of practical considerations.


  • Revisit how much you saved for estimated taxes.

  • Understand that state and local tax jurisdictions may not recognize all federal tax law changes.

  • Owners of most business structures, including freelancers, need to understand the term “qualified business income (QBI).” You may qualify for a “pass-through” tax benefit on a portion of income, which may lower your personal federal income tax rate.

  • Be aware of new depreciation formulas, which may let you deduct 100% of the cost of eligible property in the year it is placed in service, through 2022.

  • Section 179 expensing also sees some changes, with an expanded definition of real property. Find out if this applies to your business.

  • You may switch from an accrual accounting method to a cash method of accounting if your average annual gross receipts were $26 million or less in the three previous tax years.

  • You may deduct up to 80% of net operating losses and carry forward these losses indefinitely, so keep your documentation until you use up this tax benefit.

  • Revisit your payroll and bookkeeping records to see if you need to hire employees or contractors to handle them.

  • Check with your tax professional about filing amended payroll tax returns to claim the COVID-19 pandemic related Employee Retention Tax credits.

  • Talk to your tax professional for a complete list of documents you’ll need to bring to your next tax-planning meeting.


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