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Daniel R. Cuddy, CPA, CFP®

Personal Financial Representative

 

Cuddy Financial Services

7 William Street

Auburn, NY 13021

 

Phone:  315-252-3600

Fax:      315-252-3625

 

Email: dcuddy@cuddyfinancial.com

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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Cuddy Financial Services and LTM Client Marketing are unrelated companies. This guide was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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