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NMTC Virtual Water Cooler
Thursday, March 03, 2022, 4:00 PM EST
Category: Events

The Northeastern Maryland Technology Council (NMTC) Virtual Water Cooler, Mar 3, 4PM will address some of the tax changes for 2022, and more to come pending what is in the Infrastructure Bill recently passed in November.

Here are some of the tax changes for 2022, and more to come pending what is in the Infrastructur Bill recently passed in November and the Build Back Better bill yet to pass as of Nov 5

  1. Changes to income, estate and gift taxes.
  2. Income Tax Rate Increases and Rate Bracket Adjustments - those on the upper end of the 32% and 35% rate brackets may see a tax rate increase as a result.
  3. The maximum capital gains are taxed would also increase, from 20% to 25%.
  4. Expansion of the 3.8% Net Investment Income Tax
  5. A New 3% Surcharge on High Income Individuals, Trusts and Estates
  6. Small Businesses Will Pay More Taxes In 2022 - S corporations will be converted to C corporations if this Act passes, especially given the 3.8% Medicare tax that would be imposed on S corporation flow through income for high earners.
  7. Loophole that allowed indirect funding of Roth IRAs by the “backdoor Roth” technique could be eliminated for high earners.
  8. The 100% gain exclusion on the sale of Section 1202 Qualified Small Business Stock
  9. Crypto currencies (Bitcoin, Ethereum, DOGEcoin, etc.) will be subject to the constructive and wash sale rules
  10. IRAs can no long invest in entities in which the IRA owner has a 10% or greater ownership interest

Register here: https://nmtc.org/events/water-cooler-talks/444-nmtc-water-cooler-big-tax-changes