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What are the new tax changes for 2022?

The standard deduction amounts were increased for 2022 to account for inflation. Married couples get $25,900 ($25,100 for 2021), plus $1,400 for each spouse age 65 or older ($1,350 for 2021). Singles can claim a $12,950 standard deduction ($12,550 for 2021) $14,700 if theyre at least 65 years old ($14,250 for 2021).

Are tax laws changing for 2022?

Here are must-know tax changes for 2022. After another year of tax law changes, there are docHub updates for the 2022 filing season, with the possibility of a smaller refund or bigger tax bill. For some filers, certain tax credits have been reduced and it may be more difficult to claim the charitable deduction.

What is the new tax law?

Increase in corporate tax rate The new effective tax rate would be 28%, effective for tax years beginning after December 31, 2022. For taxable years that begin after January 1, 2022 and before January 1, 2023, only the portion of the taxable year in 2023 would be subject to the 28% tax rate.

Did federal and state taxes change in 2022?

When it comes to federal income tax rates and brackets, the tax rates themselves arent changing from 2022 to 2023. The same seven tax rates in effect for the 2022 tax year 10%, 12%, 22%, 24%, 32%, 35% and 37% still apply for 2023.