Standard Deduction and Income Thresholds Increasing in 2022 By: Stacey Nickens This past week, the IRS announced the 2022 tax brackets. With inflation on the rise, the IRS has raised the income thresholds for each tax bracket as well as the size of the standard deduction. Both tax brackets and the standard deduction will [...]
IRS Releases 2022 Retirement Account Contribution and Contribution Deduction Limits By: Margaret Nickens The IRS released the 2022 contribution limits and deduction income limits for IRAs, 401(k)s, and other retirement accounts. While there's some disappointing news in the batch, there's definitely some increases to celebrate. The Bad News The IRS is not increasing contribution [...]
Social Security Benefits Could Increase Significantly in 2022 By: Stacey Nickens News headlines are rarely optimistic, but seniors may be excited by some headlines projecting a large cost-of-living adjustment for Social Security benefits in 2022. Each year, the Social Security administration calculates a cost-of-living adjustment for Social Security benefits. With inflation and prices on [...]
IRS Announces HSA Contributions Limits for 2022 By: Stacey Nickens Health savings are an important part of any financial plan. It's crucial that you prepare for unexpected medical costs, especially as you get older. HSAs, or Health Savings Accounts, offer a tax-advantaged way to save for and cover these health costs. You can deduct [...]
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