Retirement taxes, the kids' tax credit, and more are the year's most-read tax stories
Taxes may not be the most fun part of life, but it is a reality that not many of us can escape. Taxes affect our retirement planning, how expensive it is to own a home and how much we earn from our income.
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. The most notable change is the increase in the standard deduction. The standard deduction for married couples who filed joint applications for the 2022 tax year rose to $25,900, up $800 from the previous year. For single taxpayers and married individuals who are married separately, the standard deduction increased to $12,950 for 2022, an increase of $400, and for heads of household, the standard deduction was $19,400, an increase of $600.
Since taxes affect so many aspects of our finances, the tax topics that were most popular this year have extended their range from types of nontaxable retirement income to states with the highest property taxes.
Here's a look at GOBankingRates' most-read tax stories for 2022:
Six types of nontaxable retirement income
All states that do not tax Social Security
The states with the highest property taxes
The pros and cons of living in a state with no income tax
Tax scams and loopholes only the wealthy know
How To Legally Avoid Paying Taxes - And The 11 Craziest Way People Have Done It
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