Keeping your tax liability to a minimum is an essential part of maintaining your Cornerstone financial plan. Download our March 2022 Tax Report.
Raymond James Tax Form 1099 Mailing Dates, how to export your tax data, and who to contact at Cornerstone for more information.
Giving Back in a Tax-Efficient Way
Donating to the causes you care about can be deeply rewarding and may offer a tax benefit. Article seen in Sioux Falls Woman Magazine, Dec. 2021/Jan. 2022.
QUALIFIED CHARITABLE DISTRIBUTION (QCD)
If you are age 70 ½ and older you can make a Qualified Charitable Distribution (QCD) in the form of a direct transfer of up to $100,000 directly from your IRA to a charity, including all or part of your required minimum distribution (RMD). In order to qualify for tax year 2021, the funds must come out of your IRA by December 31, 2021.
YEAR END TAX PLANNING WORKSHEET
A list of important deadlines, documents you may need, and strategies to consider.
ACCESS AND EXPORT TAX DATA
Information about exporting tax data from your Raymond James brokerage accounts
TAX PLANNING FOR PASS-THROUGH BUSINESSES
Does your business qualify for this notable tax deduction?
YEAR-END TAX TIPS FOR BUSINESSES
Help improve your bottom line with these tax mitigation strategies.
Tax Rates
Please note: Tax rates are for the 2021 tax year and will be updated to the 2022 rates after April 15, 2022.
MARRIED FILING JOINTLY
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $19,900 |
| 12% | $19,901 | $81,050 |
| 22% | $81,051 | $172,750 |
| 24% | $172,751 | $329,850 |
| 32% | $329,851 | $418,850 |
| 35% | $418,851 | $628,300 |
| 37% | $628,301 | N/A |
MARRIED FILING SEPARATELY
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $9,875 |
| 12% | $9,876 | $40,125 |
| 22% | $40,126 | $85,525 |
| 24% | $85,526 | $163,300 |
| 32% | $163,301 | $207,350 |
| 35% | $207,351 | $311,025 |
| 37% | $311,026 | N/A |
SINGLE
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $9,950 |
| 12% | $9,951 | $40,525 |
| 22% | $40,526 | $86,375 |
| 24% | $86,376 | $164,925 |
| 32% | $164,926 | $209,425 |
| 35% | $209,426 | $523,600 |
| 37% | $523,601 | N/A |
HEAD OF HOUSEHOLD
| Rate | Minimum | Maximum |
|---|---|---|
| 10% | $0 | $14,200 |
| 12% | $14,201 | $54,200 |
| 22% | $54,201 | $86,350 |
| 24% | $86,351 | $164,900 |
| 32% | $164,901 | $209,400 |
| 35% | $209,401 | $523,600 |
| 37% | $523,601 | N/A |
2021 Federal Estate Tax Levels
At death, a surviving spouse's estate will owe estate taxes on the net value that exceeds the annual exemption:
| Year | Exempt from Tax | Estate-Tax Rate |
|---|---|---|
| 2021 | $11,700,000 per person with portability | Top rate of 40% |
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.
Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.