what are the tax law changes

[aydini]

what are the tax law changes

[KanM361]

Hello,

For 2022 Tax year the following are the tax law changes:

• The standard deduction will increase depending on how you file your 2022 federal return.
• The IRS is changing the tax brackets, which is the range of incomes subject to a certain income tax rate for 2022.
• There’s a change to retirement contribution limits that allows you to save an extra $1,000 in your 401(k) in 2022.

In addition following is the link will give details about how Inflation Reduction Act affect your taxes:

https://blog.turbotax.intuit.com/health-care/inflation-reduction-act-of-2022-52555/