The Biggest Tax Write-Offs for Small Businesses in 2022

💰Understanding how tax deductions work can help small businesses save money on their taxes.

🚗Business owners can deduct the expenses related to their business vehicles, including the cost of the car and business mileage.

✈️Business travel expenses, including flights, lodging, and meals, are 100% deductible if there is a business purpose for the travel.

🍽️Business meals are 100% deductible in 2021 and 2022, as long as they are for business purposes and you keep proper records.

🏠If you use a part of your home for your business, you can deduct home office expenses such as rent, utilities, and internet.

Can I deduct my business vehicle expenses?

—Yes, you can deduct the expenses related to your business vehicle, including the cost of the car, maintenance, and business mileage.

Are business travel expenses fully deductible?

—Yes, business travel expenses, including flights, lodging, and meals, are 100% deductible if there is a business purpose for the travel.

Can I deduct business meals?

—Yes, business meals are 100% deductible in 2021 and 2022, as long as they are for business purposes and you keep proper records.

What home office expenses can I deduct?

—If you use a part of your home for your business, you can deduct home office expenses such as rent, utilities, and internet.

Are there any limitations to taking tax deductions for small businesses?

—There may be certain eligibility requirements and limitations for some tax deductions. It's best to consult with a tax professional or accountant to ensure you are eligible and to maximize your deductions.

00:00Introduction to the importance of tax deductions for small businesses.

00:49Explanation of how tax deductions work and the ability to deduct ordinary and necessary business expenses.

02:11The 20% pass-through tax deduction for sole proprietorships, partnerships, LLCs, and S corps.

03:07Deducting business vehicle expenses, including the cost of the car and business mileage.

04:07Deducting 100% of business travel expenses, including flights, lodging, and meals.

05:10Taking advantage of the 100% deduction for business meals in 2021 and 2022.

06:08Deducting home office expenses, such as rent, utilities, and internet, if you use a part of your home for your business.

07:39Deducting cell phone expenses, office and technology expenses, and startup and organizational costs.

09:35Other deductions for self-employment taxes, self-employed retirement accounts, health savings contributions, and labor costs.

11:56Deducting the cost of goods sold and all ordinary and necessary business expenses.