Maximing Productivity
Understanding Taxes in 2022
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Understanding Your Personal and Business Taxes in 2022
From Income Taxes to Social Security Taxes, changes is everywhere.
How do you prepare? By understanding the potential changes in tax laws and how they may impact your business, your family, and your long term earning potential.
Income Tax
Understanding Your Personal and Business Taxes
- The direction of Tax Rates
- Government Spending
- Government Debt
- Infrastructure Spending
- Impacts on Business Tax
- Impacts on Personal Tax
Restricted Tax Deferral
Understanding Your Personal and Business Taxes
“like-kind exchanges” . These are things such as swaps of real estate. Right now, they avoid current taxation upon a sale.
Capital Gains Tax
Understanding Your Personal and Business Taxes
EVERY Practice Owner and Business Owner should take notice
Current Capital Gains Taxes are 20%
What is the potential for change in 2022?
IRS Audits
Understanding Your Personal and Business Taxes
IRS budget is to increase in 2022. Is the increase intended to ensure more audits for certain segments of the economy?
What is the impact for high earners and corporations?
Estate and Gift Taxes
Understanding Your Personal and Business Taxes
What are the possible changes to rules on GRAT (Grantor Retained Annuity Trust) and grantor trusts?
Will the rules change for transfers of property, by gifting or on assets?
What will be the new triggering events for capital gains taxes?
Will the exclusion provisions in estate planning change in 2022?
Social Security Taxes
Understanding Your Personal and Business Taxes
We advise checking your Social Security statements regularly.
Most people are not aware that your social security is taxed.
Your social Security tax rate is determined by your income and your tax returns.
How much social security taxes will you pay during your retirement?
The Bottom Line
Timing and preparation are key to take advantage of the tax code.
The tax code is written for 2 types of people; Those who understand it (and utilize it) and those who don’t (and end up paying more).