Here’s What’s Changed For The 2022 Tax Season

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The Wealthy Can Deduct A Little More

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The alternative minimum tax (AMT) exemption has increased slightly. For those unfamiliar with the AMT, it’s a system in place that prevents the ultra-wealthy from escaping paying their fair share of taxes. You can learn more about the broader implications of the AMT on Investopedia. But put simply, it puts certain caps on how much the ultra-wealthy can deduct from their taxes. The IRS is lightening up on this slightly for 2022.

The alternative minimum tax (AMT) exemption has increased slightly, from $73,600 to $75,900 for individuals, $59,050 for married couples filing separately and $118,100 for married couples filing jointly.

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