Late shopping for year-end deductible supplies
Business owners still have a small handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, office chairs and more. Buy them by December 31 to get a 2022 tax deduction. You can even charge them on a credit card and pay the bill in 2023 but still deduct them on your 2022 tax return if you make the purchases by New Year’s Eve.