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We always like to help our clients be prepared. Here are a few big changes from 2022 to help you this coming tax season! -BUSINESS MILEAGE – The business mileage deduction rate changed halfway through the year due to inflation. The rate for Q1 and Q2 was 58.5 centers per mile. For Q3 and Q4 this rate rose to 62.5 cents per mile. -BONUS DECPRECIATION – While 100% bonus depreciation will be ending in 2022, it will phase down 20% annually. This means you will still be allowed to use bonus depreciation for first year qualified assets, it will just be a smaller amount in year one. This may apply to vehicles, computers, software, machinery, equipment or even office furniture. -MEAL DEDUCTIONS – The 100% meal deduction will come to an end this year and revert to the previous value of 50%. Be sure to take advantage of this deduction while you can! -COVID CREDITS – There are no more credits for self-employed individuals who had covid. That expired in 2021. -CHILD TAX CREDITS - The child tax credit and the child and dependent care tax credit have been reduced for 2022. While both tax credits received a temporary boost through the American Rescue Plan of 2021, the enhanced tax breaks were not extended to this year. -NEW 1099 FORMS - If you’ve received payments through apps like Venmo or Pay Pal in 2022, you may get Form 1099-K in early 2023, which reports income from third-party networks. The form applies to business transactions, such as part-time work.