17 Small Business Tax Deductions you don’t want to miss out on for the 2022 tax year.
A tax deduction (or “tax write-off”) is an expense that you can deduct from your taxable income. You take the amount of the expense and subtract that from your taxable income. Essentially, tax write-offs allow you to pay a smaller tax bill. But the expense must fit the IRS criteria of a tax deduction.
As a small business owner, it can be difficult to know what deductions are relevant to you.
Many people struggle to stay on top of their deductions year-round and instead try to piece things together at year end and run into difficulties. Remember that restaurant expense you incurred in January last year? Most people don’t, and therefore they miss this tax write off. Add them all up and you’re missing out on a lot of tax savings. Ongoing and accurate bookkeeping is critical to help you add up your deductions.
Checklist of 17 Small Business taxable expenses and tax deductions
Note, some of the deductions in this checklist may not be available to your small business. Consult with your accountant or CPA before claiming a deduction on your tax return. www.irs.com
Advertising and promotion
Business meals
Business insurance
Business interest and bank fees
Business use of your car
Contract Labor
Depreciation
Education
Home office (Not for remote – only small businesses)
Interest
Legal and professional fees
Moving expenses
Rent expense
Salaries and benefits
Telephone and internet expenses
Travel expenses
Bonus: Personal expenses
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