Following are a few of their notable tips:
- The business meals deduction is currently 100% deductible for 2022 if the eligible meal is purchased from a restaurant.
- The home office deduction is available to many business owners working from home. They typically must exclusively use the space for business on a regular basis. There are two methods available to take this deduction, the simplified method which allows taxpayers to deduct $5/square foot up to 300 maximum square feet or the regular method which allocates costs based on the square footage allocation.
- Estimated payments may need to be paid by small business owners if they don’t have withholdings (or enough withholdings) through a separate income source. The IRS also reminded taxpayers that payments can often easily be paid online, but keep in mind that it often helps to have a business EFTPS account or an individual IRS Online Account which can take some time to set up.
- IR-2022-98 IRS recognizes Small Business Week: Information and free resources for starting a business
- IR-2022-100 For National Small Business Week, plan now to take advantages of tax benefits for 2022
- IR-2022-101 National Small Business Week: Making estimated tax payments electronically is fast and easy
- IR-2022-103 National Small Business Week: E-file, the best way to report payroll taxes
Remember, if you have questions on your business or starting a business, you can reach out to your accountant. Follow us on LinkedIn to stay up to date on all of our posts.