August 2022 NATP Newsletter

Several favorable tax provisions that were enacted in response to the COVID-19 pandemic expired at the end of 2021. Although new legislation has been introduced throughout 2022, nothing to date has passed. Based on where the laws currently stand, we’ve highlighted some key issues to help you plan for tax year 2022. If Congress comes to some sort of agreement and extensions are enacted, we’ll keep you informed.

It’s always a good idea to periodically check how much federal income tax you’re having withheld from each paycheck. This is especially important if your filing status changes because of marriage, divorce or the birth of a child; you or your spouse start or stop a second job; you have taxable income with no withholding (such as retirement income, unemployment compensation, capital gains or self-employment income); or you’re no longer able to claim certain credits or expect the amount you previously claimed to decrease by more than $500, which could happen in 2022 sin