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The 2022 standard deductions for all filing statuses are as follows: Single: $12,950 (up from $12,550 in 2021) Head of Household: $19,400 (up from $18,800) Married Filing Jointly: $25,900 (up from ...
EITC CTC 2023 Filing Season. The enhanced CTC was not extended and returns to $2,000 per child dependent for the 2022 tax year, down from $3,600 last year. The other big change to the CTC is that ...
If you make under $150,000 or have a combined family income under $300,000, you can get a $7,500 tax credit for qualifying new electric vehicles. For used electric cars, a $4,000 credit is ...
The Inflation Reduction Act of 2022 ( IRA) is a landmark [1] [2] United States federal law which aims to curb inflation by possibly reducing the federal government budget deficit, lowering prescription drug prices, and investing into domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and ...
President Biden published his first budget for fiscal year 2022, covering the FY 2022–2031 decade. The Committee for a Responsible Federal Budget (CRFB) summarized it as follows: "The President's budget proposes about $5 trillion of new spending and tax breaks, reflecting the previously proposed American Jobs Plan, American Families Plan, and ...
The IRS has announced a few tax return changes, such as new 2023 tax brackets, which have the potential to increase or reduce tax refunds. ... 2022, President Joe Biden signed SECURE 2.0 into law ...
The Build Back Better Act was a bill introduced in the 117th Congress to fulfill aspects of President Joe Biden's Build Back Better Plan.It was spun off from the American Jobs Plan, alongside the Infrastructure Investment and Jobs Act, as a $3.5 trillion Democratic reconciliation package that included provisions related to climate change and social policy.
Tax season is upon us and there are some key changes in 2022 — including this year's deadline — but most largely stem from pandemic-era tax legislation. “The pandemic significantly shifted ...