Business related deductions & cash contributions

[sksause]

1. Has anything changed for 2022 regarding Qualified Business Income deduction or SEP-IRA contributions?

2. If you don't itemize, can you still deduct a limited amount (e.g. $300) for cash contributions?

[MariaDG]

Hi there!  Great questions.
The income limit to qualify to claim QBI deduction has changed for 2022.  In general, in 2022 the limits rise to $170,050 for single filers and $340,100 for joint filers.If you’re over that limit, complicated IRS rules determine whether your business income qualifies for a full or partial deduction.

Similarly, the SEP IRA contribution limits have also increased for 2022.  Small business owners can contribute up to 25% of total compensation, or $61000 maximum, as long as they contribute the same rate for all eligible employees.  (Contributions are based on the first $305.000 of compensation for 2022.)
The above the line charitable tax deductions for filers who do not itemize was a temporary measure, and was not extended past 2021.  It will not be available on your 2022 tax return. 
Thanks for participating today!