Taxes may not be the most fun part of life, but they are a reality that many of us cannot escape. Taxes affect our retirement planning, the cost of owning a home, and the take-home pay we receive from our income.
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Looking back: 2022 in review
The rules for paying taxes are also constantly changing. The IRS adjusted more than 60 tax provisions due to high inflation for the 2022 tax year. Perhaps the most notable change was the increase in the standard deduction. The standard deduction for married couples filing jointly for the 2022 tax year increased to $25,900, up $800 from the previous year. For single and married taxpayers filing separately, the standard deduction increased to $12,950 for 2022, up $400, and for heads of families, the standard deduction was $19,400, up $600 .
Since taxes affect so many aspects of our finances, the most popular tax topics this year ran the gamut of types of retirement income that aren’t taxable in states with the highest property taxes.
Here’s a rundown of GOBankingRates’ most-read tax stories of 2022:
- 6 Types of Retirement Income That Are Not Taxable
- All states that do not tax Social Security
- States with the highest property taxes
- Advantages and disadvantages of living in a state without income tax
- Tax tricks and loopholes only the rich know about
- How To Avoid Paying Taxes Legally – And The 11 Craziest Ways To Do It
- Child tax credit: if you did not receive letter 6419 from the IRS, do so
- Top tax changes for 2022 you need to know
- Didn’t get your child tax credit? Here’s how to find it
- Waiting for tax refund? What does the “return in process” status really mean?
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This article originally appeared on GOBankingRates.com: Retirement Taxes, Child Tax Credit and Other Most Read Tax Stories of the Year
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