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.