Our tax professionals at B. Riley Wealth Tax Services can work with you to implement well-thought-out financial strategies that minimize tax liabilities for both individuals and businesses.
With some temporary enhancements that impacted the 2021 tax year expiring, you may see a lower refund or an increased tax bill for 2022. Let a B. Riley Wealth Tax professional help you navigate tax season and beyond by minimizing your tax burden and proactively planning to manage tax liabilities in the future.
You can count on a B. Riley Wealth Tax professional to be well-versed in the many tax law changes effective for the 2022 tax year, including those highlighted below.
Expiring Enhancements Impacting the 2022 Tax Year:
Child Tax Credit has returned to 2020 rules, with the credit at $2000 per child under 17.
Child & Dependent Care Credit is back to old rules with the maximum expenses of $3000 for one dependent under 13 or a disabled dependent of any age and a max of $6000 in expenses for more than one child with credit from 20% to 35% based on income (the credit is nonrefundable).
Earned Income Credit has returned to pre-2021 rules. An eligible individual must be at least 25 years old and under age 65 to qualify and meet all the old rules, including AGI requirements and investment income limit of $10,300 or less.
Above the line Charitable Contribution deductions have expired. Charitable contributions can no longer be deducted unless the taxpayer itemizes.
2022 Tax Tidbits:
Tax brackets are slightly higher for 2022 than they were in 2021.
Standard deductions have increased for 2022.
Tax rates on long-term capital gains and qualified dividends did not change for 2022, but the income thresholds to qualify for various rates increased.
Implementation of Form 1099K has been delayed until 2024. Form 1099-K tracks business transactions utilizing third-party payment systems such as Venmo.
Clean Energy tax credits for homeowners -- qualifying purchases could be eligible for a 30% tax credit, up to $14,000.
Eligible filers who purchased qualified electric vehicle in 2022 could be eligible for a credit up to $7,500.
Tax Planning and Preparation
An experienced and strategic tax partner can empower you to
see your full financial picture, keep more of what you earn and help grow your
net worth over time.
Dedicated B. Riley Wealth tax professionals are available to
help you with a tax return, or to address more complex needs that call for a
total tax management plan that integrates our tax expertise with comprehensive
financial advice. We help you prepare a tax and wealth management playbook that
can evolve with, and position you, to respond to changes in the market as well
as in life's transitions.
Our tax professionals keep up
with qualified designations, ensuring you will be provided with the expertise
needed in the face of ever-changing federal and state tax laws.
Our Areas of Focus Include:
Tax Planning
Tax Preparation
Bookkeeping
Sales Tax
Accounting
Estate Planning & Legacy Creation
Tax Services Locations
FLORIDA
Aventura
2875 NE 191st Street, Suite 601 Aventura, FL 33180 (305) 692-5204
Boca Raton
2424 N Federal Highway, Suite 408 Boca Raton, FL 33431 (561) 569-8185
Coral Springs
10115 W. Sample Rd. Coral Springs, FL 33065 (561) 367-7371
Bonita Springs
3301 Bonita Beach Rd., Suite 203 Bonita Springs, FL 34134 (239) 722-3460
Tampa
2901 W. Busch Blvd, Suite 900 Tampa, FL 33618 (813) 264-2555
NEW JERSEY
Red Bank
10 Broad Street Suite 303 Red Bank, NJ 07701 (732) 807-2400
NEW YORK
Bronx
2050 Eastchester Rd Bronx, NY 10461 (718) 518-7800
Lake Ronkonkoma
500 Portion Road Lake Ronkonkoma, NY 11779 (631) 981-6296
Mineola
181 East Jericho Turnpike Mineola, NY 11501 (516) 621-2500
New Windsor
484 Temple Hill Road New Windsor, NY 12553 (845) 561-5540
New York
299 Park Avenue, 21st Floor New York, NY 10171 (212) 271-4535
Poughkeepsie
11 Raymond Avenue Poughkeepsie, NY 12603 (845) 485-3300
Tax and accounting services offered
through B. Riley Wealth Tax Services, Inc.
B. Riley Wealth Tax Services representatives may provide securities
and variable insurance products offered through B. Riley Wealth Management, member FINRA/SIPC; fee-based advisory services offered through B. Riley Wealth Advisors, an SEC-registered investment adviser; and fixed
insurance products offered through B. Riley Wealth Insurance.
