Are you aware of the tax situation for 2022? Things have changed when it comes to tax as they do every year and 2022 is no exception.

It is important to have information on what you can do and how you’ll be impacted as you proceed to make your financial goals for 2022.

In this episode of the Secure Your Retirement podcast, we talk about the 2022 tax changes to help guide you to better financial goals. We discuss ordinary tax, long-term capital gains, Medicare, social security, and some other things about tax that you need to know for 2022.

In this episode, find out:

●     The expected changes on the ordinary tax situation according to your tax bracket.

●     A tiered tax system – understanding the adjusted gross income and how to calculate your effective tax rate.

●     Understanding why tax rates will go up in the near future as you plan and strategize.

●     The changes in standard deductions and how they will affect your income in 2022 as a single or married earner.

●     How your salary deferred retirement plans will be tax impacted.  

●     The capital gains tax changes and why it’s advantageous to have a long-term capital gain plan.

●     Why social security is taxable, and to what degree of income it’s taxable.

●     The expected increases on your Medicare Premium Part B in 2022.

●     How income outside of your social security will lead to a penalty or reduced benefits.

●     How you can contribute to a Roth IRA in 2022 and why you should.

Tweetable Quotes:

●     “The long-term and short-term thing does not apply at all in the ordinary income tax.”- Radon Stancil

●     “There are limitations as to how much income you can make if you take social security early.”- Murs Tariq

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.