Tax Changes in 2022
December 27, 2021
You might already be thinking New Year’s resolutions, but shortly after hitting the gym and detoxing from all the merry drinks and holiday treats, you’ll be entering another season: tax season. The new year is a great time to evaluate your retirement tax strategy and learn all about tax and policy changes that could affect your retirement income. Here are a few changes that the IRS has announced for 2022:
- Higher federal income tax brackets to match rising inflation
- Increased standard deduction to $25,900 for married couples and $12,940 for individuals
- Higher Flexible Spending Account (FSA) account limits
- Increased 401(k) contribution limits
Instead of guessing how this might affect you, come in for a quick tax strategy session in our office, free of charge, and get your new year started off on the right foot. Schedule an appointment with us today!
Source: https://www.irs.gov/newsroom/irs-announces-changes-to-retirement-plans-for-2022