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Tax Brackets to Increase in 2022

Tax brackets will be higher in 2022 because of inflation. As compared to 2021 filing season, most tax bracket cut-off points have increased about 3%. These changes will apply to the tax returns that are filed in 2023 so they will not impact the upcoming tax filing season.

It is expected that the standard deduction will also increase. For individuals it will increase to $12,950 and for married filing jointly, it’ll increase to $25,900.

Other tax changes will also be made, such as the foreign earned income exclusion, the child tax credit, qualified adoption expenses and many more.

Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax, legal and accounting advisors before engaging in any transaction or submitting any IRS form.
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Ramin Mohammad

Ramin Mohammad is a lawyer and CPA with over 15 years of experience including working in audits, teaching, and in big law. Ramin helps clients on both personal and business related tax issues ranging from a multitude of practice areas including tax structuring, planning and cross jurisdictional taxes. His client-base expands throughout the US and overseas offering tax consulting, tax planning and tax preparation.

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