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Level 1
posted Jan 26, 2022 1:51:21 PM

lowering tax bracket in 2022 (before filing deadline) for tax year 2021

Are there ways to lower tax bracket for tax year 2021 now that we are in January 26, 2022 but BEFORE the filing deadline of April 18, 2022?  Please provide the pros and cons. 

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3 Replies
Expert Alumni
Jan 26, 2022 1:58:02 PM

The only way to lower your federal tax bracket from one year to the next is to receive less money in the following year.  

 

The pro to that is you pay less money in taxes if you make less money.

 

The con is that you make less money.

Level 1
Jan 26, 2022 2:13:52 PM

It maybe my question is not phrase correctly. Are there ways to lower tax bracket for tax year 2021 now that we are in January 26, 2022 but BEFORE the filing deadline of April 18, 2022? 

Expert Alumni
Jan 26, 2022 2:18:00 PM

Ah.  Sorry.

 

No.

 

The year is over.  What you have already earned you have already earned.  

 

If you qualify to contribute to retirement accounts then you can do that in order to reduce your income.  You have until the due date of the return to do that.  But otherwise the year has ended and what money you made has been made.