Soon it will be time to file your 2021 taxes. But did you realize that the 2022 tax rules will “differ substantially from 2021”? Your tax brackets will be higher, and so will your standard deduction.
There is still time to reduce your 2021 tax bill, but time is running out. Knowing the tax brackets for 2022 could help you make adjustments if you think you’ll get a large bill on your 2021 taxes.
If you get hit with a big tax bill for 2021, you should consult a tax adviser about how to reduce that in 2022. It may be easier to have extra taken out of each paycheck than to face a big tax bill next year. A good first step is to take a look at how much tax you get taken from your paycheck.
Want to learn how the tax brackets work and what you can do to adjust? Check out this article.