2022 Taxes
Are you ready for the 2023 Tax Season? Income Taxes are a challenge! The past two years have shown that to be true with all the changing tax laws. We can assist you with your personal and business taxes. As we work with clients, we develop friendships that last for years to come. You have Tax Questions? At T.A.X.E.S. we have Answers!
PERSONAL TAXES
Here are some of the new numbers for families and facts you need to know for 2022 taxes.
- Standard Deduction is now for Single $12,950 and Married filing joint $25,900, over 65 years of age add $1,400-$1,750. Head of Household is $19,400.
- The Child Credit is $2,000 for qualifying child under age 17 and a refundable component or additional child credit of up to $1,500 per child.
- Other qualifying Dependent Credit is $500.
- If you have an HSA account, you can contribute $3,650 for single and $7,300 for family.
BUSINESS TAXES
The Mileage Rates have increased to compensate for the higher cost of fuel. For those who use the standard mileage for business use of vehicles, the amount is split by dates for 2022.
- Jan 1-Jun 30 58.5 ¢ and Jul 1-Dec 31 62.5¢
- Basis calculation for S-Corporations and Partnerships is required to deduct loses and tax-free distributions. It is the responsibility of partner and shareholder to track their basis.
REMINDERS
There are tax items you do not want to over look on your 2022 tax reporting and preparation.
- If you got a 1099-K for funds you received in 2022, it must be reported on your tax return.
- Starting at age 72, RMD’s for IRA’s and 401-K’s withdrawals are required.
- Did you receive or sell a digital asset? The IRS is requiring Cryptocurrency reporting.
There are many more taxing matters for the 2022 tax season. Now is the time to consider planning for the 2023 taxes. In the future read more at Alltaxingmatters.com.
Bruce Bevan AFSP, Owner of T.A.X.E.S.
513-897-1040
bruce@your1040tax.com