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2022 Year-End Tax Planning Strategies

2022 Year-End Tax Planning Strategies


2022 Year-End Tax Planning Strategies

Once the holiday season commences, we often get wrapped up in the action and overlook important year-end housekeeping items that bring tax savings in April. In this workshop, we will discuss the top strategies to keep in mind when it comes to 2022 year-end tax planning — including itemized deductions, gifting tactics, bundling methods, donor-advised funds (DAFs), tax efficiency in portfolios, and more — to ensure you do not miss out on the various tax-saving opportunities available to you.

2022 Tax Brackets

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2022 Standard Deduction

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  • Standard Deduction amounts increase if you are age 65+ and/or legally blind.
    • For the 2022 tax year, the increase is $1,400, OR $1,750, if you are also unmarried and not a surviving spouse.

Itemized Deductions

  • Medical Expenses
    • You can deduct unreimbursed medical expenses that exceed 7.5% of your AGI.
  • State and Local Taxes (SALT)
    • Up to $10,000 (includes State Tax, Real Estate Tax, and Personal Property Tax)
  • Mortgage Interest Expenses
    • You may deduct interest paid on up to $750,000 of mortgage debt for homes purchased after 12/16/2017.
    • For homes purchased on or before 12/16/2017, the interest paid on up to $1,000,000 of mortgage debt is deductible.
  • Investment Interest Expenses
    • Investment interest is still deductible!
  • Charitable Contributions
    • Including:
      • Cash/Check/Credit Card/Payroll Contributions
      • Non-Cash Charity Contributions (clothing, furniture, household items)
      • Appreciated Securities
  • Miscellaneous Itemized Deductions
    • Eliminated (except for gambling losses used to offset taxable gambling income)

Common Tax Credits

  • Child Tax Credit
  • Credit for Other Dependents (Family Tax Credit)
  • Child Dependent Care Credit
  • Electric Vehicle (EV) Tax Credit
  • Adoption Tax Credit
  • Lifetime Learning Tax Credit
  • American Opportunity Tax Credit
  • Home-Related Tax Credits

Student Loan Interest Deductions

  • May be able to deduct up to $2,500 of the interest on your student loan payments.

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Health Savings Account (HSA)

  • Participate through a High-Deductible Healthcare Plan (HDHP)
  • Savings can be invested in the market
  • May be able to help supplement retirement savings
  • Triple tax free – aim to max out annual contributions!
  • 2022 Contribution Limits
    • Single: $3,650
    • Family: $7,300
    • Catch-up (age 55+): $1,000

Roth Conversion

  • Key considerations:
    • Current/Future
    • Tax Bracket Tax Diversification
    • Age/Retirement Time
    • Horizon Retirement Readiness

Tax Strategy Ideas

Before Year-End: 401(k)/403(b) contributions Mortgage prepayment Roth conversion Charitable giving 529 contributions Gifting Tax-loss harvesting By April 2023: IRA/SEP IRA contributions (SEP IRA deadline may be extended with tax extension) HSA contributions Defer Income Until 2023. Accelerate Deductions. Other Tactics: Mega Backdoor Roth Inherited IRAs (non-spouse)

Click here to view & download the complete 2022 Year-End Tax Planning Strategies handout.

Questions and/or interested in how this applies to your financial life?

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