2022 Contribution Limit Increases
Is anything better than Tax Savings? Just in time for the holidays, end-of-year gift giving and working your financial plan, here are newest published tax saving contribution limits published recently by the IRS.
Not only does implementing some of these tax-saving tools help dentists achieve financial freedom, but it can also help prepare for possible increased tax rates in 2022. Tax rates are likely increasing for some people next year, but there are savings tools to think about now to prepare. If someone is making regular contributions to your retirement plan you may want to increase those contributions starting in January. Considering lump sum contributions for HSA amounts or the annual gift tax exclusion are also options.
Limits on individual retirement accounts (IRAs), retirement plans, Health Savings Account contribution limits and the Annual Gift Tax Exclusion are shown for 2022, and how they compare to 2021: