Tax Changes In 2022

​​The Tax Cuts and Jobs Act of 2017 changed the tax code, many of which are set to expire after 2025. That means that taxes will go up for many Americans in 2022 unless Congress takes action to extend the provisions. 

Provable Consequences Of Tax Changes

- The standard deduction will increase. For 2021, the standard deduction is $12,550 for single taxpayers and $25,100 for married couples filing jointly. In 2022, it is scheduled to increase to $13,000 for single taxpayers and $26,000 for married couples filing jointly.

- The child tax credit will decrease. For 2021, the child tax credit is $2,000 per child. In 2022, it is scheduled to decrease to $1,000 per child.

- The mortgage interest deduction will decrease. For 2021, the mortgage interest deduction is available for mortgages up to $750,000. In 2022, it is scheduled to decrease to mortgages up to $625,000.

- The Alternative Minimum Tax will increase. For 2021, the Alternative Minimum Tax exemption is $113,400 for single taxpayers and $83,400 for married couples filing jointly. In 2022, the exemption is scheduled to decrease to $72,900 for single taxpayers and $50,600 for married couples filing jointly.

If you are planning to itemize your deductions in 2022, it is important to be aware of these changes to adjust your tax planning accordingly. If you have any questions about how the changes could affect you, don't hesitate to get in touch with a professional financial advisor.

Why Is A Financial Advisor So Helpful?

Financial advisors can help your tax planning for the future and make the most of your money. They can offer advice on various topics, including investment strategy, retirement planning, tax planning, and estate planning. A financial advisor can also help you set financial goals and monitor your progress. If you are unsure where to start, a financial advisor can help you get on the right track.

When it comes to your finances or understanding how corporate or individual taxes work, it is important to make sure you are getting the most out of your money. A financial advisor can help you do just that. With their help, you can make informed decisions about your finances and reach your financial goals.

Get The Best Financial Advisor At Womack Investment Advisers

At Womack Investment Advisers, we believe that working with a financial advisor should be a straightforward and enjoyable experience. Our job is to help you make the most of your money, so you can focus on what's important to you. We are proud to offer our clients the best financial advice and service possible. 

Our team of experienced professionals is here to help you with every step, from investment planning to retirement planning and everything in between.

If you're looking for a financial advisor, look no further than Womack Investment Advisers. We would be honored to help you achieve your financial goals.

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