A reference guide for your 2022 income tax return

As we come to the end of 2022, now is the time to consider ways to reduce your 2022 federal tax implications. We rounded up some of the top tips from the Lodovico & Associates tax professionals. Read on for potential tax strategies.

  • Look for ways to defer taxable income: During inflation, consider deferring taxable income for tax savings.
  • Evaluate your investment assets with an eye for selling: Take a look at your investment portfolio. Does it make sense to sell before year-end? For instance, if you have recognized capital losses, use those to shelter 2022 capital gains.
  • Bunch itemized deductions: Maximize the value of your deductions by bunching mortgage interest, charitable contributions, and medical expenses. Is this total itemized amount higher than the 2022 standard deduction ($25,900 for joint filers, $19,400 for HOH, and $12,950 for single taxpayers)?
  • Make a charitable giving plan: There are several routes to tax benefits. Talk to your tax advisor to make a plan.
  • Maximize the Annual Giving Tax Exclusion: For 2022, you can gift up to $16,000 per donee with no limit on the number of donees.
  • Keep key credit and deduction figures in mind. Use the following information as a quick reference guide for 2022 federal income tax returns.

Standard Deductions

  • Married, filing joint – $25,000
  • HOH – $19,400
  • Single – $12,950

Gift & Estate Tax

  • Applicable exclusion – $12,060,000
  • Annual gift exclusion – $16,000

HSA 2022

  • Self-only contribution limit – $3,650
  • Family limit – $7,300

Standard Mileage Rate

July 1 – Dec. 31, 2022

  • Business – $0.625
  • Medical – $0.22
  • Charitable – $0.14
  • Depreciation component – $0.26

Credit Limitations

  • Child tax credit – $2,000
  • Refundable child tax credit – $1,500
  • Other dependent credit – $500
  • Adoption credit – $14,890
  • American opportunity credit – $2,500
  • Lifetime learning credit – $2,000
  • Saver’s credit (MFJ) – $2,000

Clean Energy & Efficiency Tax Incentives 

  • Energy Efficient Home Improvement Credit – $1,200 annual limit
  • Clean Vehicle Credit – $7,500

Education Tax Credits 

  • American opportunity tax credit – $2,500/student
  • Lifetime learning credit – $2,000

SALT Limitations

  • For taxpayers who deduct state and local taxes on their personal returns, the limitation is $10,000 ($5,000 for MFS)

Capital Gains Rates

  • The adjusted net capital gain of noncorporate taxpayers is taxed at a maximum rate of 0%, 15% or 20%, depending on taxable income thresholds.

 

 

 

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