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2023 Tax Planning Guide

Business Tax Considerations Checklist

Business Tax Considerations

Whether dealing with a pandemic or fighting the erosive effects of inflation, business owners need to plan. Here's a checklist of practical considerations.

  • Revisit how much you paid for estimated taxes.

  • Know how changing tax laws may affect you, as many tax provisions are new, phasing out or eliminated altogether.

  • 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.

  • You may switch from an accrual accounting method to a cash method of accounting if your average annual gross receipts were $29 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.

  • If you hire contractors, work with professionals who understand your business environment to ensure strict employer/contractor laws in some states don’t trip you up.

  • 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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