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.
