It seems that tax laws and regulations are constantly changing. And with a new president sitting in the oval office, it’s entirely possible that more changes could be on the horizon. With that said, chances are slim that any tax-saving moves you make now will be nullified by anything that happens on Capitol Hill, so it would be good to meet with your CPA or financial advisor, as it is every year, to talk about potential tax savings strategies as they exist under current tax rules and guidelines.
While it’s always best to have that meeting in November or December to beat all of the IRS’s year-end deadlines, a meeting in January or February can also be extremely beneficial and potentially save you thousands of dollars. The savings strategies discussed in this paper are primarily geared toward filers in the 12% to 24% income tax brackets—strategies related to retirement contributions, investments, savings, healthcare expenses, charitable donations, and other key areas. But first, let’s go over some basic tax guidelines as they stand for tax year 2022.