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While many retired clergy choose to enjoy their well-deserved season of rest, some seek ways to continue nurturing their spiritual calling.
You may have just filed your federal income tax return for the 2021 tax year, but it’s never too early to start planning for next year.
For the tax year 2022, the standard deduction for married couples filing jointly rises to $25,900 up $800 from the amount in 2021. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600. Just a reminder that this change will apply to tax returns filed in 2023.
The standard tax deduction is a specific dollar amount that reduces your taxable income. Each year you have a choice of claiming the standard deduction or claiming itemized deductions when completing your federal income tax return. If you have no other qualifying deductions or tax credits, the Internal Revenue Service lets you take the standard deduction with no questions asked.
If you have questions regarding the standard tax deduction, the MMBB Financial Planning Specialists may be able to help.
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Translations of any materials into languages other than English are intended solely as a convenience to the non-English-reading public. We have attempted to provide an accurate translation of the original material in English, but due to the nuances in translating to a foreign language, slight differences may exist.
Las traducciones de cualquier material a idiomas que no sean el inglés son para la conveniencia de aquellos que no leen inglés. Hemos intentado proporcionar una traducción precisa del material original en inglés, pero debido a las diferencias de la traducción a un idioma extranjero, pueden existir ligeras diferencias.
MMBB Financial Services is pleased to unveil our new website experience.
Watch a guided tutorial of our enhanced site to introduce you to important new features designed to help you live your life with financial confidence.
You will be linking to another website not owned or operated by MMBB. MMBB is not responsible for the availability or content of this website and does not represent either the linked website or you, should you enter into a transaction. The inclusion of any hyperlink does not imply any endorsement, investigation, verification or monitoring by MMBB of any information in any hyperlinked site. We encourage you to review their privacy and security policies which may differ from MMBB.
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