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2022 Updates – Retirement Contributions, Mileage, and More

By February 1, 2022January 31st, 2024Uncategorized

Adoption Tax Credit increases to $14,890 for qualified 2022 expenses

401(k), 457 plans, & 403(b) contributions are now $20,500 unless you were born before 1973 then you can contribute an additional $6,500

SIMPLE IRA contributions are now $14,000 and individuals 50+ can contribute an additional $3,000

Traditional & Roth IRA contributions remain $6,000 while individuals 50+ can contribution an additional $1,000

New Mileage Deduction is 58.5 cents per mile and 14 cents per charity miles

As always our tax plan for business owners or investors bundles this knowledge and MUCH more into account to create your individualized tax plan to be used for YEARS. Feel free to text, email, or call us to see how a tax plan could benefit you.