As we enter a new year, there are a lot of questions about tax rates, and what’s going to happen to them in 2022, some questions that can be answered with 2022 tax planning. Should you plan on your tax rate going up? It’s one of the most common questions asked, and although it’s not possible to say for sure that rates will rise, it’s almost certain that they’re not going to go down in 2022.
So even though we’re just at the start of 2022, you should start thinking about ways to mitigate any changes to tax rates. The team at Edwards & Associates are covering all of the common questions regarding 2022 taxes in today’s episode of Beyond Bitewings.
As we wait for Congress to pass important legislation, and watch as the IRS starts to track Cryptocurrency more aggressively, it’s important to know how you should be tracking the purchase and sale of your assets. You’ll also need to make sure you hang on to any letters you receive from the IRS regarding the Child Tax Credit, and what to consider regarding any PPP loans that were taken out in addition to forgiveness of those loans.
If you have specific questions about 2022 tax planning or if you’d like to have another question answered on a future podcast, please make sure to reach out to the Edwards & Associates team. Or contact any one of the excellent ADCPA affiliates across the nation at https://adcpa.org/.