7 ways small-business owners can save on taxes in 2022

By TINA OREM of NerdWallet

Small-business owners, freelancers and people with side gigs can reduce their tax bills and their anxiety levels this tax-filing season by knowing the taxability rules for Paycheck Protection Program money, taking advantage of new deductions for business meals and mileage and putting money in tax-advantaged retirement accounts designed for self-employed people. Other options include reviewing deductions related to a home office, prioritizing keeping detailed books and records and preparing for new income reporting rules in 2022. Three tax pros explain how it all works and what self-employed people should remember this year.