The IRS has announced its 2022 cost-of-living adjustments for more than 60 tax provisions. The 2022 adjustments generally apply to tax returns filed in 2023. A few highlights: the standard deduction increases $800 to $25,900 for married couples filing jointly; up $400 to $12,950 for single taxpayers and married individuals filing separately; and up $600 to $19,400 for heads of households. The 2022 alternative minimum tax exemption increases by $2,300 to $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800). For a list of all the annual inflation numbers: https://bit.ly/3n3hBc9 Call or visit our website for more information! www.mjscpa.com/
