The IRS has released the 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many increased considerably over 2021. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account.
Like any infrastructure bill, the legislation provides spending, more than $500 million of it "new", on roads, highways, bridges, public transit, and utilities. The bill is significantly smaller than what was originally proposed by President Biden in April.
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Planning for current and future education expenses is especially important. Several tax incentives can help reduce the cost of paying for higher education. These incentives include the American Opportunity Tax Credit, Lifetime Learning Credit, Qualified Tuition Programs, Student Loan Interest Deduction, 529 Plans, and the Coverdell Education Savings Account. The incentives can be a credit deduction or exclusion and may be limited by income.
The more you pay in taxes, the less money you have to invest in your personal financial goals. The key to reducing your tax liability rests in proactive planning. We can identify and implement key planning opportunities to minimize your current tax liability. Reach out to our experienced tax professionals who can look at your overall tax situation and help you understand and reduce your tax impact.
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Being delinquent in your tax payments can result in a vast array of problems and cause substantial amounts of undue stress. Our qualified professionals can work with you in dealing with the IRS and other taxing authorities on delinquent tax liability, tax penalty, and interest issues, as well as challenges in your ability to pay the amount due. Offer in Compromise (OIC), bankruptcy, and negotiated payment schedules are a few of the strategies we can utilize in helping you deal with delinquent and disputed tax issues.
Visit SVA’s Web Tax Guide to access a wide array of resources that can help prepare you and your business for the upcoming tax season.
This easy-to-use resource has all the tax rates, deductions, credits and limits in a quick view format.