How Much Can Your Small Business Write Off in 2022? Small Business Tax Deductions

As a small business owner, you are responsible for taking care of financial matters, including taxes. If you operate as a sole proprietorship or an LLC, you pay personal income taxes on your business profits.
Your tax bill can quickly add up. But small business tax deductions can help you reduce the amount owed. Let's talk about federal taxes and small business tax deductions.

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00:00 Introduction
00:35 Types of business deductions
00:55 Common business expenses
01:07 Tax credits
01:51 How much can your small business write off?
02:14 Tax deductions and tax credits for 2022
02:37 Expenses that can be written off
03:01 Startup costs are deductible
03:32 Organization expenses for LLC
03:46 Operational expenses
04:27 Home office expenses
04:53 Other deductions

It's important to review the list of Tax Deductions offered by the IRS to make sure you maximize your deductions. But remember that to take advantage of these, you must have everything documented – so accurate record keeping is essential.
If you want to learn more, we have how - to guides for starting and running your own company on our website ww.SimplifyLLC.com.
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