The standard deduction will increase by $400 for single filers and by $800 for joint filers (Table 2). … See more

The alternative minimum tax (AMT) was created in the 1960s to prevent high-income taxpayers from avoiding the individual income tax. This parallel tax income sys… See more

The maximum Earned Income Tax Credit (EITC) in 2022 for single and joint filers is $560 if the filer has no children (Table 5). The maximum credit is $3,733 for one child, $6,164 for t… See more

The maximum Child Tax Credit is $2,000 per qualifying child and is not adjusted for inflation. The refundable portion of the Child Tax Credit is adjusted for inflation and will increase fro… See more

The Tax Cuts and Jobs Act of 2017 (TCJA) includes a 20 percent deduction for pass-through businesses. Limits on the deduction begin phasing in for taxpayers with incom… See more

In 2022, the first $16,000 of gifts to any person are excluded from tax, up from $15,000. The exclusion is increased to $164,000 from $159,000 for gifts to spouses who are no… See more