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Keep these adjustments in mind for next year's taxes.
Every year the IRS makes a number of notable adjustments to items like the standard deduction, income tax brackets, and retirement plan contribution amounts. It is important to know how these changes will impact you and if you need to make any alterations to your savings amounts or tax mitigation strategies.
Here are some important adjustments taking effect in 2022:
As you plan for tax year 2022, we encourage you to speak with your CPA. Beyond typical tax planning, they may offer additional strategies to minimize your tax impact throughout the year.
Jeff Witz, CFP® welcomes readers’ questions.He can be reached at 800-883-8555 or at email@example.com.
Effective June 21, 2005, newly issued Internal Revenue Service regulations require that certain types of written advice include a disclaimer. To the extent the preceding message contains written advice relating to a Federal tax issue, the written advice is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer, for the purposes of avoiding Federal tax penalties, and was not written to support the promotion or marketing of the transaction or matters discussed herein.
The information contained in this report is for informational purposes only. Any calculations have been made using techniques we consider reliable but are not guaranteed. Please contact your tax advisor to review this information and to consult with them regarding any questions you may have with respect to this communication.
MEDIQUS Asset Advisors, Inc. does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.