March 3, 2022 · Colony Family Offices
The standard deduction for single taxpayers that do not itemize is $12,950. Married couples filing joint returns that do not itemize will have a standard deduction of $25,900.
In the review of 2021, there was significant activity in Congress to craft tax-related legislative changes but many of the provisions impacting wealthy individuals and families outlined in President Biden’s Build Back Better package did not make it into the final legislation that ultimately passed under the “Infrastructure Investment and Jobs Act.” It is hard to predict at this juncture whether the Biden administration and Congress will be successful in enacting new tax legislation in 2022 given the mid-term elections later this year. For now, this memorandum highlights the various IRS inflation-adjusted changes that apply in 2022.
Click here to read our full memo
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