A look back at National Small Business Week 2022

IRS Tax Tip 2022-71, May 9, 2022

Small businesses play a pivotal role in the nation's economy. The IRS offers a variety of tools and resources to help small business owners and self-employed individuals understand and meet their tax obligations.

Here's are some highlights from this year's National Small Business Week.

Information and resources for starting a business

Why making estimated tax payments is important

Small business owners, self-employed individuals may make estimated tax payments. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year.

Individuals and businesses are required to pay taxes as income is earned or received throughout the year. This is done either through withholding or estimated tax payments. This helps cover taxes the employee owes. For small business owners and self-employed people, that usually means making quarterly estimated tax payments.

These taxes are used to pay not only income tax, but self-employment tax and alternative minimum tax.

Plan ahead to take advantage of tax benefits for 2022

Next year's filing deadline nearly a year away. However, it is not too early for entrepreneurs to identify possible tax benefits and take action to qualify for them. Doing this now can make claiming them easier when they file in 2023. These benefits include the enhanced business meal deduction, the home office deduction and more.

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