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Business Tax Deductions You Likely Qualify For


January 20, 2022

Tax season for 2022 is fast-approaching, and as a business owner, you are probably interested in all of the business tax deductions you can get. Continue reading to learn the most common business tax deductions available and how to find out which ones you qualify for this year.

Common Small Business Tax Deductions For 2022

If you are a small business owner, you will most likely qualify for these three business tax deductions for 2022: vehicle expenses, rent, and insurance. Although not all small businesses will qualify for them all, most do. To be sure, always consult with a licensed business accountant in Indianapolis.

If you do meet the qualifications for these tax deductions and more, it is important that you take advantage of them, otherwise you were overpaying for your business’s taxes every year.

Automotive Expenses

Because most small business owners need to utilize a vehicle of some sort to perform their business duties, almost all can take advantage of the available tax deduction for vehicle expenses. Whether you use your own car, a company truck, or other form of motorization, you can deduct expenses surrounding the use of a vehicle so long as you can prove that it is used for business purposes.

You can choose one of two possible deductions: your actual vehicle expenses or standard mileage rate. Actual car expenses include costs like automotive insurance, auto repair, car maintenance, and fuel. Standard mileage rates are calculated by deducting the cost of operating the vehicle by the rate at which you drive it for your business. In 2019, this standard mileage rate was $0.58 per mile.


Small business owners typically rent their brick-and-mortar locations rather than own them straight out. If you rent the place you conduct your small business out of, whether it’s your actual residence or a commercial building, you can write your rent off as a small business tax deduction. If you work out of your home, you can only deduct the actual square footage you use to perform your work duties. This is known as a home office deduction. Furthermore, if you rent machinery or equipment to conduct your business, you can write these rentals off as well. All rent payments related to your small business should qualify as a tax deduction.


Business insurance is one of the most fundamental elements of being a smart business owner. All insurance payments related to you as a business owner and your business duties may qualify for a 2022 business tax deduction. This includes the business owner policy, malpractice insurance, health insurance, and more. In most cases, 100% of the premiums are tax-deductible for small business owners.

Additional Small Business Tax Deductions

Although not as common, additional small business tax deductions available for 2022 include startup costs, inventory expenses, and business loan interest. In order to qualify for these three latter business tax deductions, you must meet certain specifications. Speak with a licensed Indianapolis CPA who specializes in small business tax planning and preparation to be sure you are taking advantage of all of the tax deductions you qualify for in 2022.

Are you looking for certified business accountant who can help you understand your tax planning needs and requirements for 2022 in Indiana? Contact Aspire CPA at (317) 469-4500, or email our office at acct@aspirecpas.com, and speak with a licensed Certified Public Accountant to learn how our business accounting and tax services in Indianapolis, Indiana can help you take your success to the next level.

Related Posts:

Special Tax Deductions for Sole Proprietorships
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The Potential Tax Increases in a Home Office Addition Project

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