Arizona SBI Tax Return | Arizona Small Business Income Tax Return - ADDITIONAL

Forum|Forum|1 year ago
October 12, 2024
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Follow up to my question I posted a few minutes ago:

Electing to file the Arizona SBI Tax Return is optional.

If you elect to file an Arizona SBI Tax Return, you have to file two tax returns; regular tax return and the Arizona SBI Tax Return.

We noticed significant increase in tax refunded from the state of Arizona if electing this option.

But what are the trade-offs? What are the disadvantages if making this election?

Can't believe the state would just recognize and provide small business taxpayers (Schedule C, primarily with SE Tax) a significant tax benefit by choosing to file the Arizona SBI Tax Return.

Advantages (other than decreased tax liability)?

Disadvantages?

What's the hitch?

Help.

Thanks in advance.

Anonymous_

Employee

No text available

MaxRLCAuthor

Instructions from the state are not clear.

With only a few days before the filing deadline, being able to obtain a timely professional opinion is not likely.

The link mentions "extension" requirements, but does not indicate if filing form 204 was sufficient. In other words, is a separate Form 204 required for the SBI tax return? Or was the Form 204 that was filed in April 2024 satisfy the requirement for both a regular Arizona 140 and the Arizona SBI returns.

Confusing.

Noticed a significant difference if electing to file Arizona SBI tax return; i.e., instead of owing the return identified a significant state refund.

What to do.......