Tax Tools

Tax Return Deadlines for Year End December, 31, 2021

March 15

Partnership and Corporate returns are due or need to be extended.

April 15

Individual returns are due or need to be extended.

September 15

Partnership and Corporate tax returns that were extended are due.

October 15

Individual returns that were extended are due.

Retirement Contributions

Traditional/Roth IRA

Tax Year 2022 2021 2020
Age < 50 $6,000 $6,000 $6,000
Age > 50 $7,000 $7,000 $7,000

*Maximum amount can be limited due to income and if taxpayer(s) already contribute to a retirement plan.

Simple IRA

Maximum elective deferral

Age 2022 2021 2020
< 50 $14,000 $13,500 $13,500
> 50 $17,000 $16,500 $16,500

401k

Maximum elective deferral

Age  2022 2021 2020
< 50 $20,500 $19,500 $19,500
> 50 $27,000 $26,000 $26,000

 

Health Savings Accounts (HSA)

Self-Only Coverage

Tax Year 2022 2021 2020
Contribution Limit $3,650 $3,600 $3,550
Plan Min. Deductible $1,400 $1,400 $1,400
Plan Out Pocket Limit $7,050 $7,000 $6,900

*Age 55 or older can contribute an additional $1,000 to HSA.

Family Coverage

Tax Year 2022 2021 2020 2019
Contribution Limit $7,300 $7,200 $7,100 $7,000
Plan Min. Deductible $2,800 $2,800 $2,800 $2,700
Plan Out Pocket Limit $14,100 $14,000 $13,800 $13,500

*Age 55 or older can contribute an additional $1,000 to HSA.

Mileage Rates

Purpose 2022 2021 2020 2019
Business 58.5 cents/mile 56 cents/mile 57.50 cents/mile 54.5 cents/mile
Charity 14 cents/mile 14 cents/ mile 14 cents/mile 14 cents/mile
Medical 18 cents/mile 16 cents/mile 17 cents/mile 18 cents/mile
Moving – – – –

 

Individual Estimated Taxes

Individuals can base federal estimated tax payments on:

  1. 90% of current tax,
  2. 100% of prior year’s tax, or
  3. 110% of prior year’s tax if prior year’s AGI is >$150,000 (>$75,000 Married Filing Separately
Payment Schedule 2022 2021
1st Payment 4/15/2022 4/15/2021
2nd Payment 6/15/2022 6/15/2021
3rd Payment 9/15/2022 9/15/2021
4th Payment 1/16/2022 1/15/2022

2021 Tax Brackets and Tax Rates (for filing in 2022)

Single

If taxable income is over: but not over: the tax is:
$0 $9,950 10% of the amount over $0
$9,950 $40,525 $995 plus 12% of the amount over $9,950
$40,525 $86,375 $4,664 plus 22% of the amount over $40,525
$86,375 $164,925 $14,751 plus 24% of the amount over $86,375
$164,925 $209,425 $33,603 plus 32% of the amount over $164,925
$209,425 $523,600 $47,843 plus 35% of the amount over $209,425
$523,600 no limit $157,804 plus 37% of the amount over $523,600

Married Filing Jointly or Qualifying Widow (Widower)

If taxable income is over: but not over: the tax is:
$0 $19,900 10% of the amount over $0
$19,900 $81,050 $1,990 plus 12% of the amount over $19,900
$81,050 $172,750 $9,328 plus 22% of the amount over $81,050
$172,750 $329,850 $29,502 plus 24% of the amount over $172,750
$329,850 $418,850 $67,206 plus 32% of the amount over $329,850
$418,850 $628,300 $95,686 plus 35% of the amount over $418,850
$628,300 no limit $168,994 plus 37 % of the amount over $628,300

Married Filing Separately

If taxable income is over: but not over: the tax is:
$0 $9,950 10% of the amount over $0
$9,950 $40,525 $995 plus 12% of the amount over $9,950
$40,525 $86,375 $4,664 plus 22% of the amount over $40,525
$86,375 $164,925 $14,751 plus 24% of the amount over $86,375
$164,925 $209,425 $33,603 plus 32% of the amount over $164,925
$209,425 $314,150 $47,843 plus 35% of the amount over $209,425
$314,150 no limit $84,497 plus 37% of the amount over $314,150

Head of Household

If taxable income is over: but not over: the tax is:
$0 $14,200 10% of the amount over $0
$14,200 $54,200 $1,420 plus 12% of the amount over $14,200
$54,200 $86,350 $6,220 plus 22% of the amount over $54,200
$86,350 $164,900 $13,293 plus 24% of the amount over $86,350
$164,900 $209,400 $32,145 plus 32% of the amount over $164,900
$209,400 $523,600 $46,385 plus 35% of the amount over $209,400
$523,600 no limit $156,355 plus 37% of the amount over $523,600