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Ten Tax Planning Tips for 2022

Money Talk

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. In an earlier blog post , I described 12 tax planning topics for 2022. Improve Your Tax Records - If disorganized records were a problem for 2021 taxes due in 2022, set up a better system.

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5 Best Tax Software for 2022

HR Lineup

That is why we went out of our way to conduct research and recommend the best tax software for 2022 below. These include ease of use, affordability, ability to identify credits and deductions, customer service, to name a few. List of Top 5 Tax Software Companies of 2022: 1.

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Twelve Tax Planning Topics for 2022

Money Talk

With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018. President, most people can’t itemize without a plan.

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IRA Basics for Retirement Savers

Money Talk

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. This leaves about two months to make an IRA deposit during the 2022 calendar year or up to six months if you wait until April.

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Thirteen Tax Topics for Older Adults

Money Talk

Increased Standard Deduction - Taxpayers age 65+ (and those who are blind) get an increased standard deduction on federal income taxes. For singles in 2022, the standard deduction is $14,700 ($12,950 + $1,750 additional for age 65+). 2020 tax returns for 2022 premiums). of AGI can be deducted on Schedule A.

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Ten Upsides of Inflation

Money Talk

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022).

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Tax Planning Tools and Techniques

Money Talk

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950. A key take-away?

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