Posted on December 16, 2021
by
Jeffrey Mutnik
The IRS recently released the inflation-adjusted estate and gift exemptions for 2022, which provide families with enhanced opportunities to transfer significantly more assets to younger generations tax-free. However, families must consider these adjustments within the context of potential tax reform in the year ahead. For tax year 2022, the lifetime estate-tax exemption jumps $360,000 to […]
Posted on December 14, 2021
by
Adam Cohen
Recipients of Social Security benefits, including Supplemental Security Income (SSI), are getting a 5.9 percent increase in benefits for 2022, marking the largest cost of living adjustment (COLA) in 39 years for the nation’s retirees and special needs children and adults. This 2022 raise also breaks a decade of meager COLA increases that averaged 1.6 […]
Posted on December 08, 2021
by
Tomoko Shoji
The IRS recently released its cost-of-living adjustments for retirement savers in 2022, increasing the annual contribution limits for those with 401(k), 403(b), most 457 plans and SIMPLE IRAs, while also raising the income range for individuals to qualify for deductible contributions to traditional IRAs. Employer-Sponsored Plans The maximum salary deferral for 2022 contributions to employer-sponsored […]
Posted on December 02, 2021
by
Jack Winter
The IRS has released the annual inflation adjustments to various provisions of the tax code for 2022, noting that the changes are significant due to increases in consumer prices and inflation over the past 12 months. Individual taxpayers should consider these changes very carefully as they plan for tax efficiency in the year ahead and […]
