To Our Valued Clients and Friends:
While there hasn’t been a lot of good economic news of late, one small ray of sunshine is that the IRS has made inflation-based adjustments to the standard deduction and to the income thresholds for the various tax brackets.
Revenue Procedure 2021-45 provides the 2022 income tax bracket threshold changes shown below.
Income Tax Brackets – 2021 – 2022:
These, of course, are only some of the important changes the IRS has made for tax year 2022. Most tax credit limitations have been increased for 2022.
Incorporating these increases into your tax planning may uncover other ways to help you minimize your income tax liabilities even further – consult with your CPA/financial planner to develop the best strategy (or strategies) for you and your family.
If you are interested in developing new tax planning and estate strategies for 2022 – or for 2023, please click here to email us directly – let us know how we can help.
Until next time –