(404) 884-8096
TAX INFO
2024 TAX SEASON
CHANGES THAT AFFECT INDIVIDUALS, FAMILIES, AND BUSINESSES
DEADLINE TO FILE 2024 TAXES
APRIL 15, 2024
INDIVIDUALS AND FAMILIES
2022 Federal Income Tax Brackets
The amount you pay in taxes depends on your taxable income and filing status. Your income will determine which IRS tax bracket you fall in. If your taxable income increases, the taxes you pay will increase.
​
Filing taxes for 2022 tax year, there are seven federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
​
For example: If you are single and your income is $45,000, you fall in the 22% tax bracket. This means part of your income will be taxed at 10%, another portion taxed at 12%, and then the rest taxed at 22%. Review the chart below.
Single Filers
Married, Filing Jointly
Married, Filing Separately
Head of Household Filers
GUARANTEED LOW PRICE
LET US ASSIST YOU
WITH YOUR TAX PREPARATION NEEDS
REVIEWING OVER 350 DEDUCTIONS
TO GET YOU THE BEST REFUND.
2022 Standard Deduction
You may take the standard deduction when filing your taxes or opt to itemize. Though itemizing takes a lot of effort, it is worth it when your itemized deductions exceed the standard deduction amount. Review chart below.
​
Comparison of the 2023 deduction which shows an increase over 2022. Unsure whether to itemize, let us help you to decide.
2022 Changes for Individuals and Families
Tax Reform: Provisions that Affect Individuals and Famili
As the IRS implements this major tax legislation, check this page for updates and resources to learn how the Tax Cuts and Jobs Act (TCJA) affects individual taxpayers.
Employers May Claim Tax Credit for Providing Paid Family and Medical Leave to Employees
FS-2019-12, October 2019
Employers who provide paid family and medical leave to their employees may claim a credit for tax years 2018 and 2019.The Employer Credit for Paid Family and Medical Leave is a business credit based on a percentage of wages paid to qualifying employees while they’re on family and medical leave.
SELF-EMPLOYED
AND SMALL BUSINESSES
Tax Reform: What’s New for Your Business
The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.
Tax Cuts and Jobs Act: A Comparison for Businesses
The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.
Facts About the Qualified Business Income Deduction
Many individuals, including owners of businesses operated through sole proprietorships, partnerships, S corporations, trusts and estates may be eligible for a qualified business income deduction, also called the section 199A deduction. Some trusts and estates may also claim the deduction directly.
Deducting Business Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit.
​
What's New for 2022
The following item highlights a change in the tax law for 2022.
Standard mileage rate. For tax year 2022, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 58.5 cents per mile.
2022 Only - Enhanced Deduction for Business Meals, Home Office Deduction and more
IR-2022-100, May 3, 2022
WASHINGTON — The Internal Revenue Service today urged business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.
​
During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year's celebration: "Building a Better America through Entrepreneurship." With next year's filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023.
GENERAL TAX INFORMATION
Tax Year 2021 Inflation Adjustments
IR-2021-219, November 10, 2021
WASHINGTON — The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45PDF provides details about these annual adjustments.
Filing Past Due Tax Returns
Filing past due tax returns You should file all tax returns that are due, even if you can’t pay your tax liability in full. File your past due return the same way that you would file an on-time return. File past due returns now
-
If you have a balance due, filing your past due return now and paying your tax liability can limit interest and late payment penalties.
-
If you’re owed a refund for withholding, estimated taxes, or eligible tax credits, you risk losing that refund if your return is not filed within 3 years of the due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.
-
If you’re self-employed and fail to file your tax return, any self-employment income you earned won’t be reported to the Social Security Administration. As a result, you won’t receive credits toward your Social Security retirement and disability benefits.
-
Because copies of filed tax returns are usually required by financial institutions to secure loans, mortgages, and other financial benefits such as federal assistance for higher education, you may be ineligible or face delays if you’re not current with your tax returns.
Form W-4 is completed by employees and given to their employer so their employer can withhold the correct federal income tax from the employee's pay.
IRS Announces Changes to Retirement Plans for 2022
Highlights of changes for 2022
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500. Limits on contributions to traditional and Roth IRAs remains unchanged at $6,000.
Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If neither the taxpayer nor their spouse is covered by a retirement plan at work, their full contribution to a traditional IRA is deductible. If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated. The amount of the deduction depends on the taxpayer's filing status and their income.
Traditional IRA income phase-out ranges for 2022 are:
-
$68,000 to $78,000 - Single taxpayers covered by a workplace retirement plan
-
$109,000 to $129,000 - Married couples filing jointly. This applies when the spouse making the IRA contribution is covered by a workplace retirement plan.
-
$204,000 to $214,000 - A taxpayer not covered by a workplace retirement plan married to someone who's covered.
-
$0 to $10,000 – Married filing a separate return. This applies to taxpayers covered by a workplace retirement plan
Roth IRA contributions income phase-out ranges for 2022 are:
-
$129,000 to $144,000 - Single taxpayers and heads of household
-
$204,000 to $214,000- Married, filing jointly
-
$0 to $10,000 - Married, filing separately
Saver's Credit income phase-out ranges for 2022 are:
-
$41,000 to $68,000 – Married, filing jointly.
-
$30,750 to $51,000 – Head of household.
-
$20,500 to $34,000 – Singles and married individuals filing separately.
The amount individuals can contribute to SIMPLE retirement accounts also increases to $14,000 in 2022.
Adoption Credit and Adoption Assistance Programs
Tax benefits for adoption include both a tax credit for qualified adoption expenses paid to adopt an eligible child and an exclusion from income for employer-provided adoption assistance. The credit is nonrefundable, which means it's limited to your tax liability for the year. However, any credit in excess of your tax liability may be carried forward for up to five years. The maximum amount (dollar limit) for 2021 is $14,440 per child.
The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent of any remaining amount of the credit (up to $1,000) refunded to you.
​
The amount of the credit is 100 percent of the first $2,000 of qualified education expenses you paid for each eligible student and 25 percent of the next $2,000 of qualified education expenses you paid for that student.