2022 Tax Updates
For 2022 401(k) and Simple IRA Maximums Have Been Increased as Follows:
Maximum 401(k) - $20,500 with a $6,500 catch-up contribution if over 50 years old
Simple IRAs - $14,000 with a $1,000 catch-up contribution if over 50 years old
Other Tax Changes for 2022 Include:
Standard Mileage rate for businesses driving is 58.5¢ per mile
The Child and Dependent Care Credit is reduced back to $1050 for one child and $2100 for two or more children needing care
Charities will again only be deductible if you itemize your deductions
The Credit for Energy Effective Windows and Doors has been eliminated
The Lifetime Estate and Gift Tax Exemption is up to $12,060,000