openPR Logo
Press release

Taxpayers are facing a long list of tax changes for the 2022 tax year

01-16-2022 05:03 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: NSKT Global

Taxpayers are facing a long list of tax changes for the 2022 tax year

Taxpayers are facing a long list of tax changes for the 2022 tax year

Smart taxpayers will start planning for those now

Tax planning is an important part of finances for both the individual as well as a business. However proper tax planning requires a lot of information regarding the tax changes and tax laws in the country. Another year of fighting with the Coronavirus has led to several changes in the tax law for the year 2021. While we all plan for taxes at the end of the year, it gives an added advantage of planning the taxes from the very beginning of the year itself. After all, the more tax planning you do, the more money you may be able to save. So, in order to be a smart taxpayer, you will have to be aware of the changes in the tax law. Some of the biggest changes in the tax law are:

Read the complete blog on What Taxpayers are facing a long list of tax changes for the 2022 tax year here:-

Expanded child tax credit- The American Rescue Plan increased the child tax credit for the year 2021 to $3,000 for families with kids 17 and under, with an extra $600 for children under age 6. While many American children and families with children received advanced credits, there are many people who earned more than the given credit limit as well. Those people might have to return the credit to the government. To qualify for the full child tax credit, single filers need a modified adjusted gross income of less than $75,000 and married couples filing together must earn under $150,000. The smart payers, those who wish to claim the full credit will start planning from the very beginning and will collect all documents and files on time to get the full return.

Charitable deductions- Taxpayers who are planning for a year-end charitable donation can take advantage of a special write-off for cash gifts in 2021. There are some major changes in the tax write off for cash donations even if they don’t itemize deductions on their federal tax return. So, if you wish to save some money from the tax, give donations in cash so that you can save your money from the tax. You can collect slips of the donations done in cash to use them for tax filing and become a smart tax payer. For 2021, single filers may claim a tax break for cash donations up to $300 and married couples may get up to $600.

Health insurance premiums- The government increased health insurance premium subsidies making coverage more affordable for millions of Americans. While the exchange has temporarily capped premiums at 8.5% of household income, the tax return filers may have to repay some of the benefits if earnings exceed the thresholds for the year 2021. So, in case any citizen has more income than the prescribed one, they might have to return some money to the government. It can really be a very unpleasant and stressful situation for those folks that have to pay the money back.

Required minimum distributions- There is a change in the minimum distribution as well. The contribution limit for traditional IRAs and Roth IRAs also stays steady at $6,000, plus $1,000 as an additional catch-up contribution for individuals age 50 and up. However, the income ceilings on Roth IRA contributions went up. Contributions phase out in 2021 at adjusted gross incomes (AGIs) of $198,000 to $208,000 for couples and $125,000 to $140,000 for singles (up from $196,000 to $206,000 and $124,000 to $139,000, respectively, for 2020).

Email us Get a free tax consultation on Business

Or fill the contact form here

NSKT Global (USA Office)
1564 Market Place Blvd Suite 400 PMB 328
Ocean Isle Beach, NC 28469
Phn:- 888 701 675
888 701 NSKT

NSKT Global (UAE Office)
Level 14, Boulevard Plaza Tower 1,
Downtown, Dubai, UAE PO 334155
Phn +971 44 394 263
Whatsapp +971 55 171 2487

At NSKT Global we provides the complete range of advisory services to the SMEs as well as to the established businesses. Dealing in the industry for over 10 years. In countries across globe Namely UAE, USA and India.
contact us

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Taxpayers are facing a long list of tax changes for the 2022 tax year here

News-ID: 2528201 • Views: 347

More Releases from NSKT Global

Advantages to Hiring outsourced CPA
CPA or Certified Public Accountant is a certified accounting professional who helps in solving all your problems related to accounts. There are several advantages of outsourcing CPA services. Some of them include: 1. Save Money 2. Financial Assistance 3. Proactively monitor business strategy 4. You will get more working hours Read the complete blog on Reasons Why you need to hire a outsourced for your Business here:- NSKT Global is one of the top accounting firm that
Why Internal Controls Are Important in your Business?
Internal controls are measures and tools to protect the interest of the company against wrongdoings. It ensures that a company complies with the state and federal laws and regulations in managing the financial data of the organization. Having strong internal controls can improve efficiency and ensure accuracy in financial reporting during external and internal audits. The internal controls prepared by an organization also help in preventing frauds, ensuring the integrity
What is Work Opportunity Tax Credit (WOTC), Should you apply for WOTC?
WOTC which stands for work opportunity tax credit is a federal tax credit that is available to all the employers who retain and hire qualified veterans and other individuals from certain groups that have historically faced employment barriers. By creating economic opportunities, this program also helps lessen the burden on other government assistance programs. The WOTC (work opportunity tax credit) is jointly administered through the Internal Revenue Service (IRS) by the
Fraud Risk Assessment Templates and what actions to take ? by NSKT Global
Using the fraud risk assessment matrix in the Fraud Risk Management Guide (ACFE) as your foundation, this spreadsheet provides a risk assessment matrix for you to document the organization's fraud risks and controls. The template automatically creates a heat map showing the significance and likelihood of each identified fraud exposure, a fraud risk ranking page displaying each fraud risk exposure from most to least severe, and a control-activities matrix

All 5 Releases

More Releases for Taxpayers

STATEMENT TO THE TAXPAYERS OF JEFFERSON COUNTY AND THE MEDIA Those who have followed the Jefferson County Appraisal District (JCAD) case and story for the last year should be already aware that we have spent the duration of that period attempting to collect information and data on what we believed was an unfair rescheduling of 1.5 level homes. During a joint press conference that we held a couple of
Tax Defense Network, LLC Offers Significant Insight to Taxpayers
Tax Defense Network® participated in a live television broadcast on Monday, April 11th to provide essential tax information for individuals and small businesses throughout the community. Jessie Seaman, Esq./E.A., a Managing Licensed Tax Professional for Tax Defense Network®, was on hand to dispel common tax myths which often create problems for unsuspecting taxpayers. Mrs. Seaman was interviewed on News4Jax by Nikki Kimbleton, a veteran correspondent with the station. Monday morning’s broadcast
Tax Relief Professionals in Atlanta Serve Taxpayers by Partnering with Internet …
Capital Accounting & Tax, Inc., an accounting and tax relief firm in Atlanta, GA, has recently signed on to an SEO program offered by Prospect Genius, a leader in online marketing and advertising, to better offer services to local residents in need of tax help. By taking advantage of this SEO campaign, Capital Accounting & Tax, Inc. will make it possible for potential clients to more easily locate their services
Certified Tax Resolution Specialist in Tacoma, WA, Works with SEO Firm to Help T …
Bill W. Morlong Jr. EA & CTRS, a certified tax resolution firm providing services in the Seattle-Tacoma region, recently partnered with Prospect Genius, a leader in search engine optimization strategies (SEO), to help area business owners and individuals saddled with tax problems. By incorporating this leading SEO program into its online marketing plan, Bill W. Morlong Jr. EA & CTRS can help locals locate them faster when performing Internet searches
TaxWatch Canada Provides Taxpayers Missing Refunds from Overlooked Allowable Bus …
VANCOUVER, British Columbia (Dec 7, 2010) – TaxWatch Canada LLP was recently established by collaborating tax specialists to help Canadian taxpayers in specialized tax situations such as claiming an Allowable Business Investment Loss or ABIL. Established to encourage investment in small Canadian businesses, ABILS i.e. losses from the deemed disposition of shares or debt, can be claimed for an investment loss as far back as ten years. The resulting tax Posts Tips for Overseas Taxpayers to Meet Deadline
Tax season may be over for most people, but another important tax deadlines is just around the corner. June 15th is the last day that U.S. citizens living abroad can file their taxes, unless they file for an extension. Anticipating the deadline, tax preparation software comparison and review website has posted ten useful tips for filing your state and federal taxes when living in another country. In 2006, the U.S.