#retirementplans

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security tax The amount of an employee’s earnings that is subject to Social Security tax is capped for 2022 at $147,000 (up from $142,800 in 2021). Deductions  Standard business mileage rate, per mile: 58.5 cents (up from 56 cents in 2021) Section 179 expensing: Limit: