New for the 2022 Tax Year
Federal Standard Deductions:
Single $12,950
Married Filing Separately $12,950
Head of Household $19,400
Married Filing Jointly $25,900
Oregon Standard Deductions:
Single $2,350
Married Filing Separately $2,350
Married Filing Separately (if spouse claims itemized deduction) $0
Head of Household $
Married Filing Jointly $4,700
Qualified Widow(er) $4,700
2022 Annual Gift exclusion is now $16,000. up by $1,000 from last year.
Maximum Elective deferrals
- 401(k), 403(b), 457 and SARSEP is now $20,500, the catchup contribution limit for those aged 50 or older as of the end of the year remains at $6,500.
- SIMPLE plans is $14,000 (up from $13,500). the catch-up maximum remains at $3,000.
- IRAs remains at $6,000, the catch-up for IRAs remains at $1,000 for those over age 49.
- SEP max contribution is $61,000
2022 Mileage rates:
Business: 0.58.5 cents per mile
Please sure that you have contemporaneous mileage log of all business miles.
Charitable: 0.14 cents per mile
Medical: 0.18 cents per mile
Helpful Links:
Estimated Tax Withholding Calculator
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