Tax Season Arrives!
By Jeffrey R. Wolfe, Senior Vice President and Manager, Wealth Planning Strategies
As is our custom here in the Private Client Services group, it’s that time of year to deal with the inevitable, tax season. While taxes remain one of those “guarantees” of life, it’s important to note that very few substantive changes have been made for the 2022 tax year.
With indexing, the 2022 tax year standard deductions are $12,950 for single filers and $25,900 for married filing joint filers. The state and local tax deductions remain capped at $10,000 regardless of filing status, meaning most taxpayers will not itemize their tax returns...