Tax Deductions For The Self-Employed + Changes Coming For 2022 [EP 54] - lizboer.com

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Tax Deductions For The Self-Employed + Changes Coming For 2022 [EP 54]

Tax Deductions For Small Business Owners With CPA Brittney Suttle
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Tax and finances may seem to be daunting for business owners, but it doesn’t have to be that way. In this episode, Brittney Suttle demystifies tax and organizing your finances by knowing some tricks and utilizing tools. She also discusses tax laws and due dates to take note of. Employing the tactics can make life as an entrepreneur less stressful for you.

Brittney Suttle, an Indianapolis-based CPA, is the founder of Knies & Co, a virtual CPA firm working with online entrepreneurs. An educator and self-proclaimed financial guru, her mission is to make money more approachable for women. She passionately works to help female entrepreneurs get more out of their business (& life) through great money management & simple systems. She is currently obsessed with pasta, her flexible schedule, and no make-up days. When not on the other side of this computer, you can find her working at one of her rental properties, sipping champagne on the porch with her husband, or entertaining her little one, Sam.

“Whoever is listening, I’m talking directly to you. Separate your business and personal finances. So get a business bank account. That is going to make just the organization of everything so much simpler, it’s gonna make tax time easier for you, it’s going to make just knowing your numbers and knowing if you’re profitable, easier for you.”

Brittney Suttle

[00:01 – 05:09] Finances Do Not Have to Be Complicated

  • Head over to lizboer.com/evergreen to check out the free live training on how to create evergreen content in 30 days or less!
  • Brittney Suttle on following her passion and demystifying finance
    • It does not have to be complicated
    • There is no need to finish a four-year course to understand

[05:10 – 20:21] Steps to Take for Getting Organized with Tax Filing

  • Separate your business and personal finances
    • Get a separate business bank account and credit card
    • The separation helps protect you and your assets
  • Know the add-on expenses qualified for tax deducation
    • Expenses used partially for the business can be deducted
    • Include the home office space and business mileage of 56 cents per mile
    • Self-employed health insurance can be written off too
    • Set up your self-employed retirement account by December 31st
  • What’s new on tax laws in 2021 & 2022 
    • Meals for business at select restaurants can be 100% deductible
    • You may have a deduction for any cash contributions to charities 

“These [add-ons] are the expenses that you may be paying for personally, but are also business related, because you do use them at least partially for your business. So because they’re not necessarily run through and paid via your business, you just don’t think about including them as a deduction. And these are things like your cell phone and internet.”

Brittney Suttle

[20:22 – 34:17] Due Dates, Forms, and Tax Estimates

  • Dates to take note of for 2022
    • January 15th – due date for Q4 tax estimates of the prior year
    • January 31st – due date for 1099 forms for vendors
    • March 15th –  due date for S corp or multi-membership annual tax return
    • April 15th – due date for annual individual tax return and Q1 tax estimates
    • June 15th – due date for Q2 tax estimates
    • September 15th – due date for Q3 tax estimates
  • The reason for estimates
    • Your taxes are not only income tax – it’s self-employment tax
    • Having a professional at the corner truly helps
  • Loopholes to take note of
    • Everything used for your branding can be written off
    • Software purchases can be deducted
  • Check out Brittney’s Course Catalog 

[34:18 – 38:42] Final Thoughts

  • You don’t need to feel too stressed!
  • A summary of this episode
  • Final words 

Links and Resources

  • Track Your Mileage With MileIQ
  • QuickBooks – Brittney’s favorite bookkeeping software
  • Automate Your Expense and Income Tracking With Zapier
  • B1G1 – Support Causes You Care About
  • Brittney’s Self-Paced Course Catalog

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TACO OBSESSED, KOMBUCHA LOVIN', SEDULOUS LEARNER, CONTAGIOUS SMILER. 

Hi, I'm Liz.
Your New BFF + Marketing Coach.

I’m a marketing strategist, coach, and the ads manager behind multiple million-dollar launches. My goal is to empower entrepreneurs to create THRIVING online businesses. Stick with me, I'll teach you the marketing strategies that move the needle in building your online business, influence, and your brand. Along with sharing my best-kept secrets from being in the trenches behind million-dollar marketing campaigns. 

Whether you're ready to hire this #dreamteam, coming for an online workshop, or joining my course, or bingeing all the strategies via this blog or my podcast, I'm PUMPED you're here. I can't wait to watch you make magic happen! 


I’m a marketing strategist, coach, and the ads manager behind multiple million-dollar launches. My goal is to empower entrepreneurs to create THRIVING online businesses. Stick with me, I'll teach you the marketing strategies that move the needle in building your online business, influence, and your brand. Along with sharing my best-kept secrets from being in the trenches behind million-dollar marketing campaigns. 

Whether you're ready to hire this #dreamteam, coming for an online workshop, or joining my course, or bingeing all the strategies via this blog or my podcast, I'm PUMPED you're here. I can't wait to watch you make magic happen! 


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