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2022 Tax Planning Guide

Business Tax Considerations Checklist

Business Tax Considerations Checklist

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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