Talking taxes: Business tax

COLUMBIA, Mo. (KMIZ)

We're talking about business taxes, anything business owners should know for filing taxes as well as some COVID-related items.

Samantha Dent, the business services manager for Account Plus, is talking about tax deadlines.

What are some things a business owner needs to have ready for their accountant this year?

First and foremost make sure you provide your information early give them plenty of time to get the return done, we mentioned last week the due date is March 15th for the business return, that's coming fast its only about two weeks away so make sure to get that information in. Secondly, if you have anything related to COVID make sure to ask your accountant about those things if you don't know how they work and make sure to provide that information to them. 

So the IRS is asking people to indicate if a PPP loan was received, spent, or forgiven in 2021 on the business tax return, so any business owner should provide that info to their preparer, Samantha how much was the loan, when was it forgiven?

That loan varied based on how much payroll you ran or how much sales you had in 2019 or 2020 so we do need to know how much was your loan, what date did you get it forgiven, most are forgiven there are not many cases where you would have to pay it back. But on the tax return this year they are asking we put the information loan, how much was the loan, and what date was it forgiven.

If a business owner received COVID relief, what the ERC credit is?

Sure so most of the COVID relief is over, but there is still something open called the ERC credit that's an employee retention credit its a fabulous credit but I think a lot of businesses qualify but don't really know about it. We have only helped a smaller number of people with ERC credit so if you have a PPP loan you can get an ERC for that same period. 

The deadline to file taxes is April 18th.