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  • Linda Romano

2022 Year End Planning

December 31, 2022 is rapidly approaching and we would like to bring to your

attention some 2022 year-end tax items that you may want to review.


The following are

some important items to consider:


Personal Income Taxes:

  1. Investment Loss Positions and Appreciated Assets: Consider the sale of Investment Loss Positions and/or Investment Gain Positions by 12/31/22.

  2. Maximize your Retirement Account (Pension) Contributions: Those who participate in a 401K plan can contribute up to $20,500 in 2022 ($27,000 if 50 or older by 12/31/22)

  3. Maximize Deductions: Consider donating your car and receiving a deduction for the charities selling price of the donated vehicle. Be sure to obtain form 1098C, which must be attached to your return.

  4. Standard deduction up to $25,900 for joint filers.

  5. Real Estate Taxes and State and Local Income Tax deduction is capped at $10,000. All are deductible in New York State.

  6. Miscellaneous deductions such as employee business expenses are eliminated. All are deductible in New York State.

  7. Home mortgage deduction received on home acquisition originating after 12/15/17 is capped at $750,000 for joint returns and $375,000 for single returns.

  8. 529 plans can now be used for elementary and secondary schools with a maximum of $10,000, as well as paying up to 10,000 for student loans.

  9. You can gift up to $16,000 to each person to reduce your estate.


Business Income Taxes

  1. Additional Write Off of Up to $1,080,000, of new and used equipment and Other Fixed Assets limited to $2,700,000 of capital purchases. Certain SUV’s qualify for the deduction of $27,000 plus the balance is eligible for bonus depreciation.

  2. Enhanced Defined Benefit Plans A Fully Insured Defined Benefit Plan will allow business owners tax deductible pension contributions well above those limits you are familiar with. The use of guaranteed annuities and/or whole life insurance products may generate huge contributions of over $200,000. Employee costs can also be designed at a minimum. Consider opening new plans by December 31, 2022. If interested, please contact us for details.

  3. Partnerships, Sole proprietors, LLC’s or S Corporations may be able to deduct 20% of their qualified income. Restrictions apply.


Please call us at (914) 741-5555 with any questions. We also welcome any referrals with questions of their own.

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