Basic Taxes Overview 2022

As January 2022 comes to a close Americans everywhere will be receiving W-2 Forms, 1099 forms, and others depending upon their specific financial situation and income scenarios for 2022. So, let’s do a quick overview of tax law in 2022 and how that will affect filing 2022 taxes in 2023. …

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charitable contributions

Charitable Contributions Tax Deduction

Republicans passed the Tax Cuts and Jobs Act in 2017 reshaping the way many Americans pay taxes. Apart from the uninspired, and obvious marketing, based name, the law made some deductions disappear. It tried to fill in those deductions by giving everyone a higher standard deduction. Theoretically, people pay the …

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new 2022 tax numbers

New 2022 Tax Numbers Released – Good News for Taxpayers

The IRS just released the new tax inflation adjustments for 2022. As you are likely aware the IRS adjusts some tax deductions and income limits for inflation each year. The new 2022 tax numbers are higher across the board thanks to higher inflation numbers than the last few years. New …

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taxes 2020 personal deduction

IRS Standard Deduction 2022

What is the standard deduction amount for 2022 and 2021? The IRS updated the number and it’s a little bit higher this year. When filing income taxes, taxpayers can choose to either itemize tax deductions, or take the standard tax deduction amount. The IRS adjusts how much the standard deduction …

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What Is Still Deductible

Trump’s new tax law has caused a lot of confusion. One of the big areas of confusion is that many of the so-called “itemized-tax deductions,” won’t really count for most American taxpayers anymore. It’s not that those deductions are gone, it’s just that triggering the threshold where itemizing tax deductions …

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Standard Deduction 2011 and 2011 Tax Brackets

Current Standard Deduction and Tax Brackets The IRS has announced new 2011 tax numbers regarding the standard deduction for single filers and for those married filing jointly, as well as the 2011 value of the personal and dependent deduction. By law, these standard tax numbers are adjusted for inflation each …

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