Generally, business owners pay more to the IRS because either they miss these deductions or they are not taking professional help for tax planning.
Today I am going to discuss the 7 deductions you need to know before you turn in your tax documents to your tax professionals.
Business Mileage - Are you using your vehicle for business use? If yes please maintain the log for all your business trips. You can deduct 58.5 cents per mile in the tax year 2022.
Home office deduction - Do you use part of your home exclusively and regularly for business? If yes don’t forget to mention it to your tax professional.
Business Meals - Generally meals are 50% deductible every year, but for the tax year, 2022 is 100% deductible. Please make sure you get a 100% deduction this tax season.
Phone and Internet - Are you using your home internet for business? Then you can deduct a portion of your internet expense. Dependent upon your percentage of usage for business.
Business Travel - If you are traveling solely for business then you can deduct the cost of your hotel, rental car, airfare, etc.
Health Insurance - Are you self-employed and self-paying your health insurance premium? if yes you can deduct that premium as an expense.
Equipment and Furniture purchased for business - If you purchased Desk, computer, or any equipment for the year 2022 you can take 100% bonus depreciation. Bonus Depreciation now ramps down to 80%, starting in 2023.
Take advantage of all allowable deductions so you’re not leaving money on the table!
If you need help our team is always there to help you please call 334-604-0306