With year end barreling down on us, and our last post about next years tax rates garnering some really great comments… thank all of you for taking time to read, and especially to comment…. very honored… A Tax Savings Reminder was in order!
The following does not apply to those making charitable donations with their RMD’s (Required Minimum Donations)…
Donations and Standard Deduction Reminder
If you have made a few donations (again Not applicable to RMD Donations) and you are not sure if you are over your standard deduction – take a moment to tally up your donations as they are related to your standard deduction. If you are just shy, consider adding to something you may want to do next year…. If you are way shy of your standard, consider waiting until next year….
Oh the disclaimer, not tax advice see your tax professional!
This is your respective level for 2022:
Standard deduction for married couples filing jointly for tax year 2022 is $25,900
Single taxpayers and married individuals filing separately, the standard deduction is $12,950 for 2022
Have a Great “Donations and Standard Deduction” Reminder!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth