Signature Tax Event 2022 Deck FINAL | Page 47

Other Individual Tax Highlights

• Standard Deduction

MFJ – $ 25,900 ( each spouse 65 and older can add an additional $ 1,400 ) Single – $ 12,950 HOH – $ 19,400

• Educator Expenses

If you are an eligible educator , you can deduct up to $ 300 of out-of-pocket classroom expenses

• Estimates and Withholdings

Safe Harbor Estimates vs . Actual Avoid Underpayment Penalties Consider bumping up W-2 or IRA withholdings