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A turbulent year in Congress marked 2021, and 2022 will likely be similar. Debates continue around the appropriate level of federal government spending and tax reform that supports the government’s budget. Regardless of whether tax law changes (or lack thereof) positively or negatively affect people across various wealth levels, the laws require interpretation by the Treasury and Internal Revenue Service.

We recognize there could be retroactive tax law changes that may impact the commentary below. However, the following summarizes notable points, broken down by tax areas for 2022, as of the date of this publication. In addition, we have included some education relevant to higher-income taxpayers.

Whether looking at individual or business taxes, the basic principles of year-end tax savings continue to be relevant: consider deferring income into the subsequent year and/or accelerating deductible expenses into the current year. It’s important to contemplate additional planning, such as cash management (lending/borrowing), typical annual gifts, completing charitable plans, integrating life insurance, reviewing current trusts, or considering new trusts.

As always, we advise that you contact your tax accountant and request a tax projection, which can highlight areas where you may be able to reduce your tax exposure. Your tax accountant can identify techniques that may provide tax savings to you in 2022 and beyond.

Download our tax planning guide 

Legal disclaimer:

SEI Private Wealth Management is an umbrella name for various wealth advisory services provided through SEI® Investments Management Corporation, a registered investment advisor. Investing involves risk including possible loss of principal.

Neither SEI nor its affiliates provides tax advice or other legal or regulatory advice. Please note that (i) any discussion of U.S. tax matters outlined in this communication cannot be used by you or any other person for the purpose of avoiding tax penalties; (ii) this communication was written to support the promotion or marketing of the matters addressed herein; and (iii) you should seek advice based on your circumstances from an independent tax advisor. Accordingly, clients should confer with their personal tax advisors regarding the tax consequences of investing with SIMC and engaging in the tax-management techniques described herein based on their particular circumstances.

Clients and their personal tax advisors are responsible for how the transactions conducted in an account are reported to the IRS or any other taxing authority on the client’s personal tax returns. SIMC assumes no responsibility for the tax consequences to any client of any transaction.

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