2021 business taxes are due soon. The deadline is March 15th. If you do not want us to automatically extend your taxes, we must have your information in our office before February 20th. If we did your taxes last year and don’t have your documents before that time, we will put in an extension for you. Here are some changes you will want to be aware of.

  1. Business meals – for 2021 and 2022 only, you can take 100% of business meals purchased at a restaurant. That includes taking it home. Liquor is still at 50% – that means you will have to break down all receipts that include alcohol.
  2. In addition to a k-1, you now have a K-2 and K-3
    • K-2 reports international tax activity and is 19 pages long
    • K-3 allocates the international tax activity to each partner (attach to the K-1 for each partner) and is 20 pages long
  3. Employee retention credits are now available for businesses located in a federally recognized disaster area – this is not the same as the one for COVID and is calculated very differently

Don’t wait if have any questions or concerns about your business taxes, schedule an appointment with us so we can get your 2021 business taxes filed on time.