2022 Tax Season: How Will It Influence My Business?
- February 1, 2022
- Written by : Carl Eschenburg
Another year brings another year of tax filings.
Have you ever stopped to really consider how your taxes, deadlines, and extensions affect your business?
Taxes greatly affect your business in a number of ways including:
- having a direct impact on your cash flow,
- detracting from the bottom line of your business’s profitability, and
- enhancing or limiting our ability to receive funding for our business.
Seeing as to how much of an influence taxes have on your business, let’s explore the basics of the 2022 tax season prior to you making any major moves in or for the new year.
When are taxes due in 2022?
The tax filing season this year will run from January 24th through April 18th, with of course a number of extensions.
How long will the extension for tax filing last?
April 18th is a national holiday, Patriot’s Day, and therefore the tax deadline is actually April 19th. In addition, a tax extension will be granted to those who apply prior to April 18; this extension will allow you to file your return by as late as October 17th, 2022.
What kind of business taxes are there?
According to the IRS, there are several forms of business taxes: income, estimated, self-employment, employment, and excise.
There are many “ifs” associated with these kinds of taxes. For example, if you operate trucks, truck tractors, or buses with a taxable gross weight of 55,000 pounds or more on public highways, then the excise tax form 2290 applies to your business.
Visit here to see the breakdown of each business tax type.
How are taxes used in my business?
Your taxes, if consistently paid and taken care of on an annual basis, can actually help you secure funding for your business.
Many owners seek financing to expand into new territory, take risks, pay off debt, purchase large equipment, handle employee payroll, and more.
Generally speaking, lenders will require a number of documents, along with your application (ours is a 3-minute funding survey). Things like bank statements, credit scores, personal credit scores are typically required and if your funding amount is more than $100,000, most lenders will need a copy of your previous tax return – and yes, it will need to have been filed on time, accurately, and honestly.
If you’ve filed your taxes for the 2022 season and you are searching for funding, see our business funding options here.
Furthermore, if you have any questions about how taxes can or will affect your business in 2022, please reach out to one of our team members. We’d be happy to walk you through.