If you haven’t contributed funds to an Individual Retirement Account (IRA) for the tax year 2021, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 18, 2022, due date (April 19 if you live in Maine or Massachusetts), not including extensions.
Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that.
Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows:
58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021
18 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021, and
14 cents per mile driven in service of charitable organizations. The charitable rate is set by statute and remains unchanged.
While filing your tax return promises to be just as complicated as always – especially if you received stimulus payments or advance child tax credit payments – there are steps that taxpayers can take right now to make sure their tax filing experience goes smoothly in 2022
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