2021/2022 Tax Season Changes

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CHARLOTTE – 2021/2022 Tax Season Changes

Hey Tax Payer.  The 2020 tax season is now behind us, as of October 15,2021, and we can now focus our attention on what to expect going forward for the next tax season.

So, Let’s Get To It…

We all can say the last couple of years have been a doozy when it comes to tax filing, tax paying and tax refunds. With the government shut down in the early months of 2020, caused a ripple effect that can still be felt through our present day. I still have clients that have not received their 2019 tax refund. I mean it was that stressful of a time with the early stages of the pandemic and the IRS.

2021 tax season is just a few months away with a start date of January 31, 2022. This means Tax Accountants will lose 15 days from the previous traditional start of tax season of January 15th or you tax payer will gain an additional 15 days of a delay. Either way, Tax Day will be its traditional day of April 15th or until further notice.

Since we are now in the last quarter of year it will behoove you to start planning for the upcoming tax season. You know the saying, those people who fail to plan, planned to fail! I strongly suggest you get on your Tax Accountants calendar to go over any changes that were made in your life that you had endure in 2021to have a game plan that works for you tax wise. I am pretty sure your tax account will have a few plans in mind that works for your situation.

As far as the changes that will take place, the Standard Deduction projected in 2021 for Single filers: $12,550, Married Filing Joint: $25,100 and Head of Household: $18,800. Based on the tax adjustments that were signed into law in 2017, every tax bracket will see an increase in taxes through 2025.

Marginal Rates can be found on our Mays Concepts Facebook page. Please like our page for further tax related information.

For more information about this article then contact Mays Concepts, LLC at (704) 526-0307, email us at maysconcepts@gmail.com, or visit/like our Facebook page https://www.facebook.com/MaysCon

Remember, You Can Count On me!

*Source: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2021

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