You can also claim a deduction for the cost of a COVID-19 test if you required the test to undertake travel away from your home overnight for work purposes.Ĭlaim only the work-related portion of your expense on COVID-19 tests. you were required to take the test for work purposes.

you incurred the cost (usually a receipt), and.To claim a deduction, you must have records to prove that: The test can be any test in the Australian Register of Therapeutic Goods, such as a polymerase chain reaction (PCR) test or rapid antigen (RAT) test. This is if you used the test for a work-related purpose, such as to determine whether you could attend or remain at work. You can claim a deduction in 2021–22 for costs you incurred for COVID-19 test expenses. Services Australia has told you, or will tell you, the amount that you received.įor more information, see Government grants, payments and stimulus during COVID-19 – tax implications. they were caring for someone with COVID-19.they had to self-isolate or quarantine at home.These payments were made to eligible individuals who were unable to earn income because either: If you received a pandemic leave disaster payment during 2021–22, you must include it in your tax return as income. you do not include the payment in your tax return.that payment is exempt from income tax, and.If you received a COVID-19 disaster payment during 2021–22, because state or territory health orders prevented you from working in your usual employment: Key changes and what's new for individuals this year includes: Key changes for attributed managed investment trusts (AMITs).We have been filing tax returns for small businesses in the Greater Cincinnati area and beyond for more than 20 years, and our team is well versed in tax laws and rules, saving you time and money.Be aware of key changes and new measures when completing your clients' 2022 tax returns. Many non-profits and shelters found themselves in dire need of supplies to help feed and clothe those who were laid off or struggling to make ends meet.ĭid your restaurant or food-related business donate to food banks or shelters during 2021 to help feed others in need? If so, you may qualify for an increased deduction limit on your 2021 taxes if you meet certain requirements outlined by the IRS.ĭonohoo Accounting Services is here to help make tax season easy for your small business by finding every tax deduction you are entitled to, saving you time that can be spent focusing on keeping your business running.

Were you one of the business owners who were eligible and received loans in the first part of 2021? If you’re looking into having your loans forgiven, you must submit a loan forgiveness application and have it approved by the Small Business Administration.Ģ021 has been a hard year for us all as we worked to recover as a nation in the midst of a pandemic. These loans were used on business expenses like payroll, mortgages, utilities, rent, but became effectively exhausted in May 2021. In 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act helped small business owners keep their heads above water during shutdowns, layoffs, and COVID surges by offering Paycheck Protection Program (PPP) loans. A home office deduction is usually reserved for those who are not employed by a company that provides a W2, but if you’re self-employed or an independent contractor, it might be worth looking into, as it could save you hundreds of dollars. You may be eligible for a home office deduction, adding extra money to your pocket. Were you working from home for a majority of 2021 due to the pandemic? If so, you might have loved the quick commute from your bedroom to the home office and being able to spend more time in comfortable clothes. Plus, waiting until the week before the deadline might increase your risk of making a mistake and getting unwanted attention from the IRS! Tax season might be months away, but now is the time to determine if you will need any extensions. Filing taxes for your small business is likely one of your least favorite things about being your own boss.

2021 tax changes