2022 Tax Changes

There are a lot of tax changes happening in 2022 and 2023, and in today’s episode of Beyond Bitewings, the Edwards and Associates team is talking about the changes that may affect you, and what you need to know about them. 

You may have heard about the $80 Billion Expansion of the IRS, and with $47 Billion of that money going towards audits, the question becomes who exactly are they going to go after. There is some back and forth on understanding how it will be applied. However, what is known is that ERC Credit recipients will be scrutinized.  There are some rules and regulations that need to be followed with this credit, and they’re going to be checking to make sure those that took it, did it correctly. 

They also talk about the Inflation Reduction Act, and what you need to know about the tax credits that are from this new bill. 

When it comes to saving on energy, there are several different types of credits: the electric vehicle credit and the home energy credit. They discuss what has changed, and why you may want to look at the electric vehicle credit again in 2023, as some cars have been added back to the list. They also cover what, if anything, has changed on the home energy credit side.

And last, but not least, they cover the student loan forgiveness program. They’re answering some of your biggest questions about the program, including how much you can expect to get back, who qualifies, and how you can apply for it.

If you have specific questions about changes to 2022 and 2023 taxes or if you’d like to have another question answered on a future podcast, please reach out to the Edwards & Associates team.