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Tax Changes and Key Amounts for the 2022 Tax Year

March 16, 2022

From the Kiplinger website

Although you may still be focused on filing your 2021 tax return, it’s never too early to start thinking about next year’s return. Proper tax planning requires an awareness of what’s new and changed from last year — and there are plenty of tax law changes and updates taking effect in 2022 that you need to know about.

Most of the tax changes enacted by last year’s COVID-relief bill expired at the end of 2021. That means things like the child tax credit, child and dependent care credit, earned income credit and other popular tax breaks are different for the 2022 tax year than they were for 2021. Other 2022 tweaks are the result of new rules or annual inflation adjustments. But no matter how, when or why the changes were made, they can hurt or help your bottom line — so you need to be ready for them. To help you out, we pulled together a list of the most important tax law changes and adjustments for 2022 (some related items are grouped together).

Use this information now so you can hold on to more of your hard-earned cash next year when it’s time to file your 2022 return.

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