A popular tool, the 2022 Key Numbers document is a comprehensive list of tax bracket and deductions information to assist you as you consider your financial plan for the year. It contains the relevant numbers for:
Individual Income Tax Planning: Alternative Minimum Tax (AMT), Charitable deductions, Child tax credit, Classroom expenses of elementary and secondary school teachers, Earned income tax credit (EITC), Expatriation, Foreign earned income, Itemized deductions, Kiddie tax, Medicare tax (additional payroll tax and unearned income contribution tax), Nanny tax, Personal exemption amount, “Saver’s Credit,” Standard deductions, Standard mileage rates, 2022 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates), 2021 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates), Adoption Assistance Programs
Business Planning: Earnings subject to FICA taxes (taxable wage base), Health insurance deduction for self-employed, Qualified transportation fringe benefits, Section 179 expensing, Small business tax credit for providing health-care coverage, Standard mileage rate (per mile), Special additional first-year depreciation allowance
Education Planning: American Opportunity and Lifetime Learning Credits, Coverdell education savings accounts, Deduction for qualified higher education expenses, Deduction for student loan interest, Gift tax exclusion, Kiddie tax, U.S. savings bonds interest exclusion for college expenses;
Protection Planning: Eligible long-term care premium deduction limits, Per diem limit, Archer Medical Savings Accounts, Flexible spending account (FSA) for health care, Health Savings Accounts (HSAs)
Estate Planning: 2021 and 2022 gift and estate tax rate schedule
Government Benefits:Social Security, Medicare, Medicaid
Retirement Planning: Employee/individual contribution limits, Employer contribution/benefit limits, Compensation limits/thresholds
Investment Planning: Maximum tax on long-term capital gains and qualified dividends, Unearned income Medicare contribution tax (“net investment income tax”)
Ballast Advisors is a fee-based financial planning firm. Our financial advisors serving the Twin Cities and Southwestern Florida can help you reach your retirement and financial goals. Our offices are located in Woodbury, MN, Arden Hills, MN and Punta Gorda, FL.
IMPORTANT DISCLOSURES The opinions expressed herein are those of Ballast Advisors, LLC and are subject to change without notice. The third-party material presented is derived from sources Ballast Advisors consider to be reliable, but the accuracy and completeness cannot be guaranteed. Past performance is not indicative of future results. Nothing contained herein is an offer to purchase or sell any product. This material is for informational purposes only and should not be considered investment advice. Ballast Advisors reserve the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, legal, or retirement advice or recommendations. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice. Ballast Advisors, LLC is a registered investment advisor under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about the firm, including its services, strategies, and fees can be found in our ADV Part 2, which is available without charge upon request