Items That Can Still Impact Your 2022 Taxes

Here’s something many people are unaware of:

Although 2022 is over, there is still something you can do to improve your tax situation for 2022.

You can contribute to an IRA.

An IRA, or Individual Retirement Account, is a tax-advantaged retirement account.

Stay with me.

There are many different types of retirement accounts, as well as income and contribution limitations, but here is one example:

If you are married and file your tax returns jointly with your spouse, each of you MAY be eligible to contribute $6,000 to a traditional retirement account “pre-tax” for 2022, if you contribute by 4/18/2023.

These funds can be invested in the market.

In simpler terms, $12,000 will be excludable from your 2022 income when you file your tax returns – even though you made the actual contributions in 2023.

There are other IRAs – such as SEP IRAs, for those that have their own business – that may offer even more tax savings.

Before making any decisions, be sure to consult with a professional to help better understand whether you are eligible and what the limitations may be.

This may be a game-changer for some people looking to save money on their 2022 tax bill.

Who said 2022 was over?

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