The government’s response to COVID affected every aspect of our lives. Some actions restricted freedoms. Other mandates, such as masks and vaccines, tried to slow its spread and reduce illness. The steps I’m most interested in involve taxes and finance, such as emergency funds sent to residents and financial assistance provided via the tax code.
In 2020 and 2021, Congress made the treasury department instrumental in advancing relief checks to citizens. These payments got reconciled on 2020 and 2021’s tax returns. Congress also enacted temporary tax provisions that increased financial assistance to individuals and families. Many were short-lived and expired at the end of 2021. My job is to inform you of tax changes that may impact your financial picture. So, to this end, I’ve compiled a brief list of changes that may affect your 2022 taxes.
2022 Expired Items & Notable Tax Changes
This list is not all-encompassing. It contains changes that will impact most individuals and families. Because this is an election year, I hope we don’t see a flurry of last-minute, retroactive tax changes for 2022. Unfortunately, I am not so optimistic about 2023!
As always, thank you for reading my articles. If you need some tax/business training or information, please check out OvernightAcountant.com. Need some help with your taxes? You can reach me through RealEstate-TaxPro.com.
All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.
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