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Items I will need to complete your Tax Return:
Personal information
All taxpayers will need tax identification numbers to do their taxes.

Your Social Security number or tax ID number
Your spouses full name, Social Security number or tax ID number and date of birth
Information about your stimulus payment, which is also known as economic impact payment (EIP)
Identity protection PIN, if one has been issued to you, your spouse or your dependent by the IRS
IRS Letter 6475: this outlines your 2021 economic impact payments to determine if you're eligible to claim the recovery rebate credit
Routing and account numbers to receive your refund by direct deposit or pay your balance

Dependent information
Parents and caregivers need to gather this information to file taxes.

Dates of birth and Social Security numbers or tax ID numbers
Childcare records, including the provider's tax ID number, if applicable
Income of dependents and of other adults in your home
Form 8332 showing that the child's custodial parent is releasing their right to claim a child to you, the noncustodial parent, if applicable
IRS Letter 6419: this outlines the advance child tax credit payments you need to report

Sources of income
Not every form listed below will be needed to file your taxes, but if it pertains to you, make sure you have it ready when you are ready to file.

EmployedW-2
Unemployed1099-G
Self-EmployedForms 1099, Schedules K-1, income records to verify amounts not reported on 1099-MISC or new 1099-NEC
Records of all expenses: check registers or credit card statements, and receipts
Business-use asset information for depreciation, such as cost and date placed in service.
Office in home information, if applicable
Record of estimated tax payments made: Form 1040–ES

Rental income

Records of income and expenses
Rental asset information for depreciation, such as cost and date placed in service.
Record of estimated tax payments made: Form 1040–ES

Retirement income

Pension, IRA, annuity income: 1099-R
Traditional IRA basis: this pertains to the amounts you contributed to the IRA that were already taxed
Social Security and RRB (Railroad Retirement Board) income: SSA-1099, RRB-1099

Savings, investments and dividends

Interest, dividend income: 1099-INT, 1099-OID, 1099-DIV
Income from sales of stock or other property: 1099-B, 1099-S
Dates of acquisition and records of your cost or other basis in property you sold, if basis is not reported on 1099-B
Health Savings Account and long-term care reimbursements: 1099-SA or 1099-LTC
Expenses related to your investments
Record of estimated tax payments made: Form 1040–ES
Transactions involving cryptocurrency

Other income and losses

Gambling income: W-2G or records showing income, as well as expense records
Jury duty records
Hobby income and expenses
Prizes and awards
Trust income
Royalty Income 1099–MISC
Any other 1099s received
Record of alimony paid/received with ex-spouse’s name and Social Security number
State tax refund

Types of deductions:
There are several deductions you can take, but not all the forms below may apply to your situation.

Home ownershipForms 1098 or other mortgage interest statements
Real estate and personal property tax records
Receipts for energy-saving home improvements
All other 1098 series forms
Charitable donationsCash amounts donated to houses of worship, schools, other charitable organizations
Records of non-cash charitable donations
Amounts of miles driven for charitable or medical purposes
Medical expense: amounts paid for healthcare, insurance, and to doctors, dentists, and hospitals
Health insurance: Form 1095-A if you enrolled in an insurance plan through the Marketplace Exchange
Childcare expensesFees paid to a licensed day care center or family day care for care of an infant or preschooler
Amounts paid to a baby-sitter or provider care of your child under age 13 while you work
Expenses paid through a dependent care flexible spending account at work
Educational expensesForms 1098-T from educational institutions
Receipts that itemize qualified educational expenses
Records of any scholarships or fellowships you received
Form 1098-E if you paid student loan interest
K-12 educator expenses: receipts for classroom expenses for educators
State and local taxesAmount of state and local income or sales tax paid, other than wage withholding
Invoice showing amount of vehicle sales tax paid and/or personal property tax on vehicles
Retirement and other savingsForm 5498-SA showing HSA contributions
Form 5498 showing IRA contributions
All other 5498 series forms: 5498-QA, 5498-ESA
Federally declared disasterCity/county you lived/worked/had property in
Records to support property losses. For example, appraisal and clean-up costs
Records of rebuilding or repair costs
Insurance reimbursements or claims to be paid
FEMA assistance information
Check the FEMA website to see if your county has been declared a federal disaster area

The filing deadline to submit 2021 tax returns or an extension to file and pay tax owed is Monday, April 18, 2022 for most taxpayers.
Whether you are filing electronically or using a tax professional, you will need to gather important information, including two key documents to make the process easier.
Last year, the government mailed Americans economic stimulus checks which will need to be factored in. Look for Letter 6475.
If you received any advance child tax credit payments, you will need to note that, too. Look for Letter 6419.
The IRS says if you lost either of those letters, the information is online at the www.irs.gov and create your online account.
You will need to create an account where you can view the amount you owe, make and track payments and view payment plan details.
The IRS says to be ready with all the details so you can avoid delays and receive a quicker refund.
Every Presidential Election we have a set of Tax Compliance codes that Congress agrees on for the American people. We have standard Tax Laws that is governance by the Federal Government.
This year 2022 Tax Return will differ in the following:
These are the three main changes to the list of expenses you can deduct when filing your 2021 taxes.

Business use of car. If you used your car for business and tracked your mileage, be aware that the deductible mileage rate for 2021 is 56 cents per mile, down from 57.5 cents for 2020 miles.
Business interest. If you paid interest on a business loan, there’s a new limit on how much of that interest counts as a deduction. For the 2020 tax year, you could deduct interest expenses up to an amount equal to 50% of your taxable income. For the 2021 tax year, you can deduct interest expenses up to an amount equal to 30% of your taxable income.
If your small business lost more money than it earned in 2021, you can no longer count the entire net loss as a deduction. If you’re married and filing jointly, your business loss deduction is limited to $524,000. If you’re single, your business loss deduction is limited to $262,000. You’ll have to treat the remaining loss as a net operating loss for the taxable year. Also, because of a clarification included in the CARES Act, you’ll have to count any W-2 income outside of your business (including your spouse’s W-2 income) as taxable income, even if your business lost money. If you’re in this situation, it’s best to see a CPA or other tax professional.

List of Small Business Expenses/ Tax Deductions
Please view the publication 535 on the IRS.gov

Business meals
Business insurance
Business interest
Advertising and marketing
Business use of car
Education
Depreciation
Legal fees
Moving expenses
Rent
Salaries and benefits
Phone and internet expenses
Travel expenses
Home office
Office supplies/expenses
Startup expenses
Business bad debt
Business casualty losses
Charitable donations
Investment interest
Foreign earned income exclusion
Retirement
Contract Labor
Employee and client gifts

Business meals
Business meals for employees, clients, and potential clients can be tax deductible, depending on the purpose of the meal. Are you rewarding employees with a company party? That’s 100% deductible. Are you taking clients out for dinner and drinks but not discussing business? Unfortunately, not deductible.

Percentage deductible:
Company-wide party – 100% deductible
Your own meals as part of doing business – 100% deductible.
Office snacks and meals – 50% deductible
Business meals with clients – 50% deductible
Entertaining clients – 0% deductible
Eligibility:
The expense must be reasonable and not extravagant or excessive.
You or an employee must be present.
The meals must be served to a current or potential business customer, consultant, client, or similar business contact.
If the meal is provided at an entertainment activity, it must be purchased separately from the activity itself.
Example deductions:
Meal expenses while traveling on business.
(Reasonable) food and beverage expenses during social company activities, including holiday parties and happy hours.
Special considerations: To be eligible, meal costs must be considered reasonable. Exorbitant prices for extravagant meals likely won’t qualify as a deductible business expense.

Business insurance
The cost of business insurance is 100% deductible if the insurance is considered both ordinary and necessary for your company’s operation. Most modern businesses are required by state laws, industry regulations, or contracts to carry some form of business insurance.

Percentage deductible: 100%
Eligibility: The business insurance policy must benefit the business and serve a business purpose.
Example deductions:
Data breach insurance
General liability insurance
Workers’ compensation insurance
Commercial real estate insurance
Professional liability insurance
Special considerations: Not all business insurance premiums can be deducted. If the insurance policy in question is not considered ordinary and necessary, the IRS likely won’t approve.

Business interest
If you take out a loan for business purposes (including a mortgage on business real estate) or obtain a line of credit for business purchases, the interest you pay is tax deductible. There is a limit on this, however, and it has changed for the 2021 tax year. The interest expense deduction has gone down from 50% of your taxable income to 30% of your taxable income.
What does that mean? Say you take out a loan for your small business, and you pay interest on that loan. For the 2020 tax year, you could deduct that interest, but your maximum deduction would be equal to 50% of your taxable income. If your taxable income is $100,000, and you paid $60,000 in interest on your loan, you could claim $50,000 (50% of $100,000) of that interest as a deduction. With the same income and interest in 2021, you can take only a $30,000 deduction (30% of your taxable income).

Percentage deductible: 100% (up to an amount equal to 30% of your taxable income)
Eligibility:
You are legally liable for the acquired debt.
You and the lender have a true debtor-creditor relationship.
You and the lender must intend for the debt to be repaid.
Example deductions:
Investment interest expenses
Interest on purchases made on credit for inventory stock
Prepaid mortgage interest on loans for business property
Interest on credit card debt
Special considerations: Interest that must be capitalized does not qualify as tax-deductible. This includes any interest added to a principal balance of a business loan or mortgage. Capitalized interest should be assessed and depreciated along with other costs. (This is when you should talk to a tax professional.)

Advertising and marketing
If you pay for advertising or marketing to promote your small business, those costs are fully tax deductible. As long as the expenses are considered ordinary, reasonable, and necessary, they qualify.

Percentage deductible: 100%
Eligibility: Any marketing or advertising expenses spent on campaigns to generate or retain customers.
Example deductions:
Costs of producing physical advertising materials such as business cards or flyers
TV, radio, print, and online advertising costs
Influencer marketing
Special considerations: Costs that are considered primarily personal are exempt from deduction, even if they have some promotional value.

Business use of car
If you use your vehicle for business purposes, you can deduct the associated costs. Beginning on January 1, 2021, the optional standard mileage rate used to deduct the costs of operating a business vehicle is 56 cents per mile.

Percentage deductible: 100%
Eligibility: Business vehicles are cars and trucks that are used for business activities. If you want to deduct vehicle expenses, you’ll need meticulously kept records.
Example deductions:
Registration fees and taxes
Gas and oil costs
Maintenance and repairs
Licenses
Vehicle insurance
Rental or lease payments
Tolls and parking fees
Special considerations: If you use the vehicle for both business and personal purposes, you must split the costs based on mileage. Vehicles used as equipment, such as dump trucks, and vehicles used for hire, such as taxis and airport shuttle vans, do not qualify.

Education
If you provide yourself or your employees with qualifying educational benefits, you can deduct the costs. Tax-deductible education expenses include continuing education and courses for professional licenses.

Percentage deductible: 100%
Eligibility: Deductible education costs must add value to the business and increase the workforce’s expertise and skills.
Example deductions:
Classes and workshops intended to improve skills in the business’s field
Subscriptions to professional publications
Industry-related seminars and webinars
Special considerations: You can’t deduct educational expenses that qualify you or an employee for a different trade. Also, courses necessary to meet the minimum education requirement for the job don’t count.

Depreciation
Depreciation enables you to allocate the cost of fixed and tangible assets over time. In other words, it enables small business owners to over its usable lifetime, considering age, wear, and decay.

Percentage deductible: 100% of the depreciated value
Eligibility:
You must own the asset.
You must use the asset as part of your income-generating operations.
The asset must have an estimated useful life expectancy of more than one year.
Example deductions:
Computers
Machinery
Office furniture
Business vehicles
Special considerations: Bonus depreciation enables you to claim a larger portion of depreciation on assets purchased within the tax year. With bonus depreciation, up to 100% of an asset’s cost can be deducted as long as the asset is business qualified.

Legal fees
Legal fees that your small business pays qualify as tax deductible. This includes fees in legal cases that you didn’t win.

Percentage deductible: 100%
Eligibility: The expenses incurred must be considered ordinary and necessary to the business.
Example deductions:
Fees for resolving tax issues
Fees related to whistleblower claims
Fees related to unlawful discrimination claims
Special considerations: Any legal or professional fees related to personal issues are exempt from deduction, including child custody, personal injury, and property claims.

Moving expenses

Percentage deductible: 100%
Eligibility: The costs associated with transporting business equipment, supplies, and inventory typically qualify as deductible.
Example deductions:
Transporting inventory stock
Relocating machinery
Special considerations: Moving expenses that are not directly correlated to the move of the business are no longer deductible. Personal moving expenses are exempt, although there are some exceptions for military members.

Rent
If you rent office space, a warehouse, or another type of business property, this might provide you with another deduction.

Percentage deductible: 100%
Eligibility: The property must be used for business purposes.
Example deductions:
Rent paid on a building
Rent paid on a business parking garage
Special considerations: If you have or will eventually receive equity in or title to the property in question, rent expenses are not deductible. If you use a home office, you might be eligible to write off a portion of the cost. See the home office deduction for more information.

Salaries and benefits
If you’re a small-business owner with one or more employees, you can deduct the cost of the employees’ salaries, benefits, and vacation pay. This includes regular wages, commission, and bonuses.

Percentage deductible: 100%
Eligibility:The employee must not be the sole proprietor, a partner, or an LLC member.
The salaries and benefits must be considered reasonable, ordinary, and necessary.
The salaries and benefits must have been paid in the year in which you are claiming the deduction.
Example deductions:Employee salaries
Employee paid time off
Employee commission and bonuses
Special considerations:Generally, the IRS does not challenge itemized salary and benefits deductions. There are, however, some cases when the IRS will deem a deduction unreasonable—for example, if the employee is an investor or a personal acquaintance.

Phone and internet expenses
If you use phone and internet for your small business, you can deduct the costs.

Percentage deductible: 100%
Eligibility: Phone and internet usage must be essential to your business’s operation.
Example deductions:
Internet service
Phone service
In-flight internet purchases during business travel
Special considerations: If you use your work phone and internet for personal purposes, you can deduct only the percentage of the cost that represents business use.

Travel expenses
If you travel to meet a client, to attend a conference, or for any other business-related reason, you can deduct your expenses.

Percentage deductible: 100%
Eligibility: For a trip to qualify as business travel, it must be considered ordinary, necessary, and to a destination away from your state.
Example deductions:
Plane, train, or bus ticket costs
Parking and toll fees
Fares for taxis, Ubers, Lyfts
Cost of lodging
Special considerations: If you spend most of your trip not doing business, the IRS considers this a vacation, and your expenses aren’t deductible. Make sure to save documentation that proves your trip was for business.

Home office
Many small-business owners—especially contractors and freelancers—need a home office. If you use a home office, you might be able to deduct the costs of creating and maintaining your workspace.

Percentage deductible: This is based on what percentage of your home is used for business. To find this percentage, divide the square footage of your office by the total square footage of your home.
Eligibility: Your office doesn’t need to be in a separate room, but it must be in a space solely designated to work and business operations.
Example deductions:
Designated office phone lines
Paint and other building and improvement materials
A portion of utility bills
A portion of homeowners’ insurance
Special considerations: You have two primary options for the home office deduction: simplified and standard. The simplified option is easier (obviously) but could result in a smaller tax break. The standard option requires a bit more math and precise recordkeeping but could get you a larger deduction.

Office supplies/expenses
Necessary supplies for running and maintaining a functional office are fully tax deductible.

Percentage deductible: 100%
Eligibility: There are three key IRS rules you have to follow for an office supply to be tax deductible:
You must not keep a record of when the supplies are used.
You must not take inventory of the supplies.
Deducting these items must not significantly skew your business’s final income.
Example deductions:
Printers and ink cartridges
Janitorial and cleaning supplies
Work-related computer software, including software subscriptions
Internet hosting fees for your company’s website
Disposable kitchenware
Pens and paper
Special considerations: If you bought a large quantity of office supplies on December 31, 2021, you can’t deduct that cost this year, because it’s highly unlikely you used all of those supplies in 2021.

Startup expenses
If you launched your small business in 2021, you can deduct up to $5,000 in startup expenses.

Amount deductible: 100% (up to $5,000)
Eligibility: A start-up cost is deductible if it’s a cost you would normally deduct when operating an existing business but it’s a cost you incurred before the day your business began.
Example deductions:
Marketing costs
Travel costs
Training costs
Special considerations: If you are buying tangible assets for your business that you will use for more than one year, the costs of these assets must be depreciated over their lifespans. (See the Depreciation section above.)

Business bad debt
When someone owes your business money and you can’t collect it, this is business bad debt (as opposed to nonbusiness bad debt). Business bad debt can happen if you sell a good or service to a customer with the understanding that they’ll pay you later (in other words, on credit), and it becomes clear you’re not going to get paid.

Percentage deductible: 100% (for fully worthless debt)
Eligibility: The debt in question must be partially or fully worthless to be considered deductible. Worth is based on the chance the amount owed will be paid back.
Example deductions:
Loans to clients, distributors, suppliers, and employees
Credit sales to customers
Business loan guarantees
Special considerations: Business bad debts can be fully worthless or partially worthless (this means you’ve collected some but not all of the debt). To make sure you’re claiming the correct amount as a deductible, it would be a good idea to consult a tax professional.

Business casualty losses
This deduction applies if your business suffers theft or physical damage.

Percentage deductible: 100%
Eligibility: You must be the owner of the property, and the loss must be the result of a sudden, unpredictable event.
Example deductions:
Natural disasters—fires, hurricanes, tornadoes, storms
Vandalism
Pandemic restrictions
Burglary
Civil disturbances
Special considerations: Things like erosion, wood decomposition, and termite damage are considered long-term losses. They don’t count as business casualty losses.

Charitable donations
If you’re interested in giving back to your community through charitable donations, you can deduct the entire amount contributed.

Percentage deductible: 100%
Eligibility: To qualify, the donation must:
Benefit a qualifying organization
Be a cash contribution
Example deductions:
Donations to a church, synagogue, or other religious organization
Donations to a civil defense organization established under federal, state, or local law
Donations to a war veterans’ organization established in the U.S.
Special considerations: If your business is set up as a sole proprietorship, LLC, or partnership, you should claim charitable donations on your personal taxes. If your business is an S-corporation, you should claim charitable donations on your corporate tax return.

Investment interest
Interest capitalized on money your small business borrows with the intention of making investments can be deductible.

Percentage deductible: 100%
Eligibility: Deductible investment interest strictly applies to interest you have accrued on money borrowed to produce future investment income. This includes interest, dividends, annuities, and royalties that you would expect to appreciate in value.
Example deductions:
Capital losses
Qualified dividends
Special considerations: You can’t deduct more in investment interest than you’ve earned in investment income.

Foreign earned income exclusion
If you’re a U.S. citizen and own a small business in another country, under certain circumstances, you can exclude your foreign income from your U.S. business tax return. Essentially, the foreign earned income exclusion prevents you from getting taxed twice.

Percentage deductible: 100%
Eligibility:
You are a U.S. citizen or resident alien.
You have a qualifying presence in a foreign country met by the Bonafide Resident Test.
You’ve paid foreign taxes on foreign earned income.
Example deductions: Any foreign income earned and taxed in the respective foreign country.
Special considerations: Money you receive as a distribution of earnings and profits—rather than reasonable compensation—does not qualify.

Retirement
As a small-business owner, you are responsible for funding your own retirement plan. Fortunately, your contributions are tax deductible.

Percentage deductible: 100%
Eligibility: Retirement accounts must comply with IRS regulations and be deemed tax-qualified.
Example deductions: Contributions made to the following types of tax-qualified retirement plans:
Roth IRA
Simple IRA
Keogh plan
Solo 401(k)
Special considerations: If you have employees, your selected retirement plan must benefit all of your employees, not just you.

Contract labor
Maybe you don’t have regular employees, but you paid a freelancer or independent contractor to work for your small business in 2021. Or maybe you do have regular employees and you still hired a freelancer or independent contractor. You can deduct their fees as a business expense.

Percentage deductible: 100%
Eligibility:
The freelancer or contractor is not an employee of your small business.
The services the freelancer or contractor provided were for your business, not for you personally.
Example deductions:
You pay an independent accountant to review your small business taxes.
You pay a web designer a one-time fee to optimize your business’s website.
You pay a freelance editor to proofread monthly blog posts for your business’s website.
Special considerations: If you pay a contractor $600 or more during the tax year, you’re required to send them a Form 1099-NEC by January 31 of the following year. They’ll need this when they’re doing their own taxes.

Employee and client gifts
If you give each employee a snow globe at the holidays, or if you send a client a fruit basket to thank them for their patronage, you can deduct the costs of these gifts, with limitations. Make sure you keep records that prove the business purpose of the gift and show the amount spent.
Percentage deductible: 100% up to $25 per person
Eligibility:
You give the gifts in the course of business.
The item should be a tangible gift, not entertainment.
Example deductions:
An employee has a baby, and you send them a gift basket of baby items.
You send a client a bottle of wine.
Special considerations: When you’re calculating the $25-per-person limit, there’s no need to count gifts that cost you $4.00 or less that have your business name on them, like stickers or stress balls. If you and your spouse both give gifts to the same person, the two of you count as one taxpayer.
Reference: https://quickbooks.intuit.com/accounting/small-business-tax-deductions/
Complete list of small business tax deductions (2022) | QuickBooks (intuit.com)

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