Essential Things You Should Know About the 2022 Tax Season

Filing an income tax return is an annual chore, and you can’t avoid it. Whether it’s a federal income tax return or a state or local return, you should start preparing for taxes as soon as possible. Along with it, consider hiring super tax services and stay updated on tax laws to reduce your tax season stress. Read this blog post to learn some important things about the 2022 tax season that can make your tax filing smoother!

● Income Tax Return Deadline - The federal income tax return deadline for individuals and C corporations is April 18, 2022. So, these taxpayers must file their 2021 income tax returns by this date to avoid late-filing penalties. The deadline for partnerships and S corporations is March 15, 2022.

● Pre-Pandemic Rules – Congress suspended various tax rules through 2020 because of the global pandemic. Now, everything is back to pre-pandemic rules. Taxpayers should be mindful of such new developments when filing in 2022. It is best to speak with a tax professional to ensure that your taxes are correctly filed.

● Extension for Business Taxes – If you cannot meet the filing deadline and want more time to file your return, file an extension. Taxpayers can obtain a six-month filing extension without providing a reason for the request. Individuals can use IRS Form 4868 and entities can use IRS Form 7004 to request a filing extension.

We hope this post helps you understand these basic things about the 2022 tax season. Even if you hire a tax preparation guide for the self-employed, a taxpayer should always know about changes in the tax law and about new IRS guidance. It can help avoid costly mistakes. Moreover, you can always consult with Agro Accounting CPA to handle the complexities of filing your taxes.

What a Certified Public Accountant Exactly Does

Many people often use the terms accountant and Certified Public Accountant interchangeably. After all, these terms do not matter unless you are looking for something beyond tax preparation. However, if you ever need audit representation, auditing and other attestation services, forensic research, income tax services for small businesses, or anything else that requires a CPA, you must know clearly the difference between a staff accountant and a Certified Public Accountant.

What is a CPA?

CPA stands for Certified Public Accountant. A CPA does much more than taxes. A CPA works with businesses or individuals on auditing, forensic research, financial consulting, investment accounting, tax planning, and much more. A CPA is skilled in various forms of accounting.

How to Become a CPA?

To become a CPA, an accountant has to meet various requirements. The terms and conditions to become a CPA vary from state to state. But still, there are some common conditions that every accountant has to fulfill to become a licensed CPA that include:

• A CPA must have a bachelor’s degree in accounting with at least 150 credit hours
• A CPA must have at least two years of proven public accounting work experience
• A CPA must have passed all four parts of the CPA exam, which is the same from state to state and covers the same topics. The exam includes topics like auditing, financial accounting and reporting, regulation, investment accounting, and more
• Many states have state-specific additional requirements for an accountant to apply for a CPA license, which CPAs have to follow

How to Find a Good CPA?

The best way to find a good CPA is to search online for accountants in your area or seek references from family, friends, and colleagues. Just make sure you perform basic research like checking for a license number, asking about experience, and reading reviews before hiring a Certified Public Accountant.

Agro Accounting CPA is the name to count on for all your accounting needs. If you need any assistance in filing your taxes or bookkeeping, we are here at your service!