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Daniel R. Cuddy, CPA, CFP®

Personal Financial Representative


Cuddy Financial Services

7 William Street

Auburn, NY 13021


Phone:  315-252-3600

Fax:      315-252-3625


Email: dcuddy@cuddyfinancial.com

2022 Tax Planning Guide


While the pandemic continued to dominate the tax scene in 2021, there were a few other noteworthy changes and strategies for both individuals and businesses that you should know about for your 2022 tax planning.

After a tumultuous two years, uncertainty remains the watchword for 2022, especially when it comes to tax planning. So, understanding how the recent changes in the tax code could affect your investments, estate plans, retirement, and business strategies is critical to developing and implementing tax-saving strategies and preparing for a financially secure future. Because tax planning has become increasingly complex and each tax situation is unique, we urge you to consult your tax professional who can advise you regarding your personal situation.

Personal Tax Planning

Notable Changes

There are several notable changes and considerations for 2022. Let's take a closer look.

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Brackets and Rates

2022 tax rates remain level, however, the tax brackets were adjusted slightly for inflation. All federal income tax brackets are based on taxable income.

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Alternative Minimum Tax

The Alternative Minimum Tax (AMT) was designed to help ensure that the highest-income tax payers pay their fair share of taxes, by limiting allowable deductions.

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Capital Gains Tax

Remember that you pay long-term capital gains taxes on investments held longer than one year, while you pay ordinary income taxes on short-term investment gains. The capital gains tax brackets are based on taxable income, just like the ordinary income tax brackets.

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Health Savings Accounts

Some limits increased for Health Savings Accounts (HSAs) and their companion High-Deductible Health Plans (HDHPs).

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Deductions and Credits

There are several deductions and credits. Please consult your tax professional to determine which apply to your personal tax situation.

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Estate Taxes

If you haven’t discussed estate planning opportunities with your legal, tax, and financial professionals yet, now is a good time. Even with more generous federal estate tax exemptions, taxpayers need to be aware of local estate and inheritance taxes.

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Charitable Contributions

Donations of goods to charity are valued at their market value at the time of donation. You can't claim the price you paid for the item.

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Retirement and Health Savings Plan Contribution Limits

2021 snd 2022 retirement and health savings plan contribution limits.

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Tax Planning and College

Let's take a look at the different options to save for college from a tax perspective, including 529 Plans and Coverdell Education Savings Accounts.

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Plan for Retirement

Ask anyone nearing or in retirement and they’ll tell you the future is closer than you think. That’s why the steps you take many years before retirement will shape your financial picture in retirement.

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Personal Tax Considerations

The following checklist includes items to think about and perhaps address with your team of legal, tax and financial professionals.

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Business Tax Planning

Tax Rates and Business Structures

The corporate tax rate is now a flat 21%. There is also favorable treatment for pass-through entities, including S corporations and limited liability companies (LLCs). Now may be a good time to discuss your corporate structure with your tax and legal professionals.

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Rental Real Estate Tax Benefits

Certain interests in rental real estate now qualify for the 20% pass-through income deduction. These enterprises are generally defined as owning real estate for purposes of generating rental income.

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Business Tax Planning - Noteworthy Considerations

There are several notable changes to consider when planning your business taxes. You should consult your tax professional for more details.

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More Noteworthy Considerations

When tax planning for your business, please consider these items too.

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Employee Benefit Plans

For businesses offering employee benefit plans, it's important to review those plans to ensure you're receiving the maximum tax benefits while providing benefits that will attract and retain qualified employees.

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Business Tax Considerations Checklist

Whether recovering from losses due to the pandemic and working to grow sales, business owners need to plan. Here's a checklist of practical considerations.

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We Can Help

Tax regulations are ever-changing and always complex. It has never been more important to work with your tax and financial professionals to learn how to minimize taxes and leverage your savings to invest in your future.

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Cuddy Financial Services and LTM Client Marketing are unrelated companies. This guide was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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