Make the most of these tax savings now to reduce your tax payments in 2022. We think you’ll agree it’s worth a few minutes of your time!
As we get ready to ring in 2022, we’ve rounded up 22 tax deductions you’ll want to have on your radar as you gather receipts and documents and consider end-of-year tax write-offs.
Tax-deductible business expenses
Advertising and promotion
Business meals (100 percent deductible in 2021!)
Business use of your car
Education (related to your business; includes books tailored to your industry and transportation expenses to and from classes, seminars, and workshops)
Home office expenses
Interest on business debts
Legal and professional fees
Salaries and benefits
Taxes (e.g., state, payroll, personal property, real estate, sales, excise and fuel)
Telephone and internet expenses
Personal tax deductions for business expenses
Child and dependent care expenses
Health care expenses
These expenses are tax deductible, but don’t assume all of them apply to your business. Check the rules for each one at irs.gov or contact our firm for assistance so you can start planning ahead for next year, too.