Year End Tax Planning - Personal

January 2023

Dear Friends,

HAPPY NEW YEAR! We hope that 2022 was filled with great times with family and friends. Meanwhile, it’s TAX TIME! It is that time of year to start gathering your information.

There are some significant tax changes affecting your tax return for 2022 unless Congress makes them retroactive for 2022.

  • Child Tax Credit reverts to its pre-2021 for the 2022 tax year. For 2022, the CTC decreased to $2,000 from $3,000 or $3,600 if under 6. In addition, children 17 years old or older to not qualify.
  • Dependent Care Credit will also see a decrease. For 2022, the credit allowed for up to $3,000 in qualifying expenses, down from $8,000 in 2021.
  • CASH Charitable Donations of $300 ($600 for joint return) for non-itemizers is gone for 2022.
  • Student Loan Interest Deduction is still available for 2022. If you paid more than $600 in student loan interest, you should receive a Form 1098-E. If you did not receive one, please go online and provide us the total amount of interest paid.
  • Eligible Educators will see an increase in the above the line deduction for classroom out of pocket expenses for 2022. Taxpayers may now deduct $300 ($600 if married filing joint).
  • Health Insurance purchased through the Marketplace is still required to be reconciled on your 2022 tax return. Please be sure to provide us the Form 1095.
  • SCAM ALERT! Please remember, the IRS or state will never email or call you. Do not give anyone your personal information or make any payments over the phone.
  • IDENTITY THEFT If you have been a victim, please make sure we have your IRS PIN number to electronically file your return. The IRS sends out a new PIN each year.

If you would like a 2022 TAX ORGANIZER, please contact our office and we will send one to you. Please sign the enclosed engagement letter and complete the questionnaire. This helps us prepare a complete and accurate return. Start gathering all your information. When you have it, you can drop it off, mail, fax, email or upload on our portal. Please give us your ORIGINALS OF ALL DOCUMENTS. No staples please.

Remember that we offer a full range of professional services and can help you with financial, estate and retirement planning, as well as health, life, disability, and long-term care insurance. Please visit for more information. In addition, our expansive list of business clients allows us to recommend a wide array of professionals in the construction, service, retail, and wholesale trades. Please feel free to contact us if we can help.

I again want to THANK YOU for putting your faith in me and the gang; Kim, Maryellen, Stacey, Julie, Janet, Bill, and Phil. It really means a lot. As always, if you have any questions, do not hesitate to give us a call or visit our website at



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