TAX UPDATES

Effective January 1 thru June 30 ,2022, the standard mileage rate will be 58.5 cents per mile for business miles driven.  Effective July 1 thru December 31, 2022, the standard mileage rate will be 62.50 cents per mile for business miles driven. The standard mileage rate for charitable miles is .14 cents per mile for the entire year of 2022.  

 

Traditional IRA limit under 50 years of age at year end $6,000,  over 50 years old $7,000 for 2022.

Roth IRA contribution phaseout 2022:                                                     

  • Married filling jointly $204,000 - $214,000

  • Single  $129,000-$144,000

Standard Deductions 2022:

  • Married Filling Jointly- $25,900

  • Married Filling Separate or Single- $12,950

  • Head of Household- $19,400

C Corporation Tax rates 2022:

  • 21%