Insight

2022 personal tax planning guide

The KPMG 2022 personal tax planning guide supports year-end tax planning and helps you plan for the year ahead.

Brad Sprong

Brad Sprong

Partner, National Tax Leader, KPMG Private Enterprise, KPMG US

+1 816-802-5270

Tracy Thomas Stone

Tracy Thomas Stone

Principal-in-Charge, Tax, KPMG US

+1 202-533-4186

 

The KPMG LLP (KPMG) 2022 Personal Tax Planning Guide provides information and planning tips to help you make sense of the complex and ever-evolving array of U.S. federal tax rules affecting individuals and their closely held businesses. Prepared by tax professionals from our Washington National Tax office, the guide provides valuable information and insights to support your year-end tax planning and ensure your tax position is in shape heading into 2022. 

 

What's new for 2022

The excess business loss limitation provision enacted under the Tax Cuts and Jobs Act (TCJA) was extended through the 2026 tax year in the American Rescue Plan Act .

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 extends through the end of 2021 the ability of individual taxpayers to take deductions for certain charitable contributions up to 100 percent of their adjusted gross income.

There’s a new planning tip related to a provision in the CARES Act that enhances the ability of individuals to take deductions for certain charitable contributions from their IRAs and other IRA planning tips relating to penalty-free distributions for certain “hardships.”

Both the TCJA and the ARPA expanded the category of individuals whose compensation is subject to the $1 million executive compensation limitation. 

For the 2021 tax year only, the ARPA enhanced the child tax credit as well as the child and dependent care credit.

 

Related services

Family Office Insights

Sign up for our mailing list to stay informed on the latest news for family offices.

Sign up for our mailing list to stay informed on the latest news for family offices.