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New 2022 Tax Brackets. Resellers & Entrepreneurs

Published on: December 10 2022 by RockstarFlipper

The new tax year is around the corner, and it's time for entrepreneurs and resellers to brace themselves for the latest tax brackets. With the world facing economic challenges due to the pandemic, it's more important than ever to stay informed about the latest tax laws and regulations.

Tax Brackets for 2022:

The IRS has released the new tax brackets for 2022, and entrepreneurs and resellers need to know where they fall to avoid any surprises when filing their taxes. Here are the latest tax brackets for the upcoming year:

- 10% tax rate: $0 to $9,950

- 12% tax rate: $9,951 to $40,525

- 22% tax rate: $40,526 to $86,375

- 24% tax rate: $86,376 to $164,925

- 32% tax rate: $164,926 to $209,425

- 35% tax rate: $209,426 to $523,600

- 37% tax rate: $523,601 or more

Note: These tax brackets are for single filers. Married couples filing jointly may have different tax brackets.

Tax Planning Tips:

As an entrepreneur or reseller, it's important to plan ahead to minimize your tax liability. Here are some tax planning tips to consider:

- Keep detailed records of all your income and expenses throughout the year.

- Use tax software or consult with a tax professional to ensure you're taking advantage of all available deductions and credits.

- Consider contributing to a retirement account, such as a 401(k) or IRA, to reduce your taxable income.

- Consider forming a corporation or LLC to take advantage of certain tax benefits.

- Review your estimated tax payments throughout the year to avoid any surprises come tax time.

Staying informed about the latest tax brackets and planning ahead can help entrepreneurs and resellers minimize their tax liability and keep more of their hard-earned money. By taking advantage of available deductions and credits and seeking professional advice, you can make the most of the new tax year.

New 2022 Tax Brackets. Resellers & Entrepreneurs

In this video, the speaker discusses the recent changes to tax brackets and standard deductions for 2022. The speaker emphasizes the importance of understanding taxes and deductions for small business owners and encourages viewers to seek the help of a CPA.

Key Points:

- The IRS has announced higher federal income tax brackets for 2022 due to rising inflation.

- The standard deduction is increasing to $29,250 for married couples and $12,950 for single tax payers.

- There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit, flexible spending account limits, and other adjustments.

- These changes will start in 2022 for taxes that will be filed in 2023, reflecting the income earned next year.

- The speaker compares these changes to the tax bracket changes made during the Trump presidency in 2017-2018.

- The speaker encourages viewers to seek the help of a CPA and announces a discount code for a reseller-friendly CPA's services.

- The speaker also announces the release of an accounting and bookkeeping program for resellers.

Inflation has pushed tax brackets higher for 2022, and it is important for small business owners to understand taxes and deductions. Seek the help of a CPA and consider using a reseller-friendly accounting program to keep your finances organized.

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