The world of business has experienced a lot of change in recent years, and 2022 is no exception. But for all of the change that occurs, there is one thing that always stays the same: Tax Time.
For the next tax season, we are offering some tips that business owners (and independent workers) can follow to help save money on their taxes.
1) Understand new forms and don’t double report your income
2) Keep thorough records and learn what you can deduct
3) Even your lunch can be a write-off
4) Travel is another deduction to consider
When you are self-employed, it is important to consider the miles you drive for work, as that counts as a business expense that can be deducted. In 2022 you can now deduct 58.5 cents per mile on your taxes. Make sure to keep a record that can prove these miles were business-oriented.
5) With remote work becoming more prominent, home offices offer another tax break opportunity
If you have the receipts for items around your home that constitute a “home office” for your business, then you can claim these as a deduction on your taxes as well.