In this Episode: Brian and Barbara Weltman, a top small business tax expert, discuss end-of-the-year moves that business owners should consider—and what to wait on until 2023. Lots of great advice on this show!

Barbara’s Moves to Make in 2022: 

  • During Covid, the IRS upped the write-offs opportunities for charitable giving, but they are now expired. We are back to the pre-pandemic limits for 2022. 
  • We currently have tax deductions for energy efficient commercial buildings, but they will increase substantially in 2023. 
  • There are some sticky questions, such as new rules requiring apprenticeship programs and we don’t know how it all fits into the tax picture. 
  • It’s not too late to decide on a 2022 retirement plan if you don’t have a plan. You can set up and fund a retirement plan up to the extended due date of your return (potentially October 2023). But, if you choose a plan like a 401k that requires employee contributions, you will need to give them a notice period. 
  • If you don’t currently have a retirement plan, set one up. If at least one person in the plan isn’t an owner, you can get a tax credit for up to three years.