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Most Important Small Business Tax Services and Financial Services During Year-End

By December 16, 2021 No Comments

Ever wonder what other business owners like you are doing to improve their back office throughout the year? Well, you’re in luck!

Small Business Tax Services

In every quarter, our tax service has maintained a significant lead as the most popular add-on product for Acuity clients. That’s largely due to the fact that our tax department was built specifically for startup and small business owners who know that proactivity, strategy and overall efficiency are precious time (and money) savers. Ensuring that your business and personal taxes are handled in a timely and secure fashion from the first of the year lines you up for early filing, faster processing times and money in your pocket much more quickly if you’re expecting a refund.

Cash Flow Planning for January 18

One of the first expenses you might have in the new year is the deadline for Q4 2021 estimated tax payments, due January 18, 2022. And it’s always a good idea to do cash flow planning at least a few weeks in advance, especially for small businesses. (More tips and tricks for cash flow management can be found on our blog here.)

Now if you haven’t talked to your tax person yet, you might be asking, how do I know how much I should plan on paying to avoid getting penalized by the IRS? A general rule of thumb is that taxpayers should make estimated payments in four equal amounts to avoid any penalties. However, there is the safe harbor rule, which helps protect taxpayers from being penalized for underpayment. Here’s what the IRS website says about it:

Generally, most taxpayers will avoid this penalty if they either owe less than $1,000 in tax after subtracting their withholding and refundable credits, or if they paid withholding and estimated tax of at least 90% of the tax for the current year or 100% of the tax shown on the return for the prior year, whichever is smaller.”

Check out more information about 2022 tax deadlines on our blog here – you can even add quarterly estimated tax payment deadlines directly to your calendar! We also encourage you to review our 2022 small business tax checklist and try our quarterly tax estimate calculator in preparation for the next quarterly deadline.

Filing 1099s

The deadline to file 1099s is right around the corner! We highly recommend using our guide to the 1099 Form 2021: What You Need to Know About Filing. Here are some of the FAQs the blog covers:

  • Is there a new 1099 form for 2021?
  • Can I print my own 1099 forms?
  • What does it mean to be a 1099 employee?
  • When is the deadline for filing 1099s?
  • What information is needed to file a 1099?
  • Can you request an extension?
  • How can Acuity help with 1099s?

Outsourced CFO Office Hours 

Did you know that all Acuity clients can meet (complimentary) with one of our CFOs each quarter? These CFO sessions are a great time to explore:

  • Any developing financial plans
  • Concerns around business strategy
  • Advanced reporting
  • Any upcoming changes that you may have on your mind

Our experienced CFOs are on standby to offer reliable advice and insights that help you and your business thrive. Want to connect with an Acuity CFO this quarter? Just click here and select your preferred date and time! Really – it’s that easy.

Interested in additional CFO services, such as building a financial model, or building a financial assessment/a recurring, monthly financial review? Learn more here.