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How to Prepare & Stay Updated on Changes to the Tax Code for Filing Your 2021 Tax Returns

With IRS Backlog and Delays Expected This Year, Now Is The Time to Prepare and Educate Yourself

DALLAS, TX – With just weeks until the 2021 filing deadline and expected delays at the Internal Revenue Service, Keith Hall, the president and CEO of the National Association for the Self-Employed (NASE), the nation's leading advocate and resource for the self-employed and micro-businesses, encourages small business owners and the American public at-large to “prepare now by gathering your documents and reviewing key policies and updates to the tax code to ensure you file beneficial returns and avoid any further delays to any expected refunds.”

“Don’t wait until the last minute – with just weeks until the April 18th filing deadline, it is never too early to prepare,” said Keith Hall, president and CEO of the National Association for the Self-Employed (NASE)“It is crucial for small business owners – and the public at-large – to start gathering documents and reviewing tax obligations and deductions to stay educated about the tax system’s policies and updates to the tax code. Under the tax system, an overwhelming majority of small businesses and self-employed entrepreneurs, many who have joined the business demographic over the course of the pandemic, can expect to benefit from key changes and updates to the tax code that will help save both time and money. You should file as soon as possible to receive any expected refunds in a timely manner.”

Tax Filing Tips

  1. Gather Your Documents Early – don’t wait until the last minute; now is the time to start making sure you have all your important tax filing documents.
  2. You’re Not Alone – stay connected; there are resources out there to help you from NASE.org, IRS.gov and SBA.gov and tax professionals.
  3. Educate Yourself About Changes to the Tax Code – believe it or not, there are changes and adjustments to the tax code year-to-year; make sure you find out what they are so you are prepared and can take advantage of them.
  4. Don’t Forget About Hidden or Overlooked Deductions – don’t leave anything on the table; make sure you are not missing any deductions that apply to you that can make the difference, such as mileage reimbursement, retirement contributions and the home office deduction.

 

Key 2021 Tax Filing Updates & Reminders

  • The tax filing deadline is Monday, April 18th, 2022 for most states and April 19th for Massachusetts and Maine.
  • Under the tax system:
  • A lower individual rate, which is where most self-employed small businesses file.
  • An increase in the standard deduction, which is $12,550  for single filers and $25,100  for married couples.
  • Reduction or elimination of specific deductions such as for moving expenses or the unlimited state and local tax deductions known as SALT deductions, which are now capped at $10,000.
  • A streamlined, standard home office deduction is available.
  • The standard mileage rate for business use of an automobile is 56  cents per mile for 2021 tax returns, down  from 57.5  cents last year. (The rate for the 2022 tax year has been set at 58.5 cents per mile.)
  • Limits for retirement plan contributions such as SEPs, IRAs and 401(k) plans may have changed for your situation.


“Our country’s tax system offers huge benefits to those in the small business community. With a lower individual rate and double standard deduction, small business owners and self-employed Americans can take advantage of a more streamlined filing process. Don’t overlook hidden deductions and leave anything on the table – ensure you are filing beneficial returns.

“Remember, you are not alone and there are resources out there for help, including NASE.org, IRS.gov and SBA.gov, where information and assistance are readily available,” concluded Hall.

To Speak with Keith Hall, a Certified Public Accountant, about this year’s tax season, please contact Kristofer Eisenla at kristofer@lunaeisenlamedia.com

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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE NextBizThing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.

The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org

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Courtesy of NASE.org
https://www.nase.org/about-us/media-relations/nase-in-the-news/2022/02/28/how-to-prepare-stay-updated-on-changes-to-the-tax-code-for-filing-your-2021-tax-returns