Major Tax Changes for 2022 You Need To Know

Tax Brackets Increase for All Filing Statuses

Your federal taxes are calculated based on the tax brackets for your filing status. Each year, these brackets are adjusted for inflation. Here are the minimum income levels for the top tax brackets for each filing status in 2022: Single: $539,901 (up from $523,601 in 2021) Head of Household: $539,901 (up from $523,601 in 2021) Married Filing Jointly: $647,851 (up from $628,301 in 2021) Married Filing Separately: $332,926 (up from $314,151 in 2021)

Source: https://www.gobankingrates.com/taxes/filing/new-tax-laws-changes/#:~:text=Single%20Filers%3A%20The%20maximum%20deduction,%24129%2C000%20(up%20from%20%24125%2C000).

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