88: The Impact of Inflation in 2022

Recently, Americans have experienced rising prices. But when it comes to economic inflation, how does this affect the taxes you are expected to pay?

How could the impact of inflation affect your tax bill?

On today's episode of the Taxgirl podcast, Kelly is joined by Tim Speiss to talk about the impact of inflation and rising prices on taxes in 2022. Tim is the CPA and partner of EisnerAmper LLC's wealth advisory group. He has over 30 years of experience providing comprehensive tax planning and related investment, compensation, and financial planning services.

Listen to Kelly and Tim discuss taxes and inflation:

• For taxpayers who may be in the position of needing to write checks to the IRS, what information and advice should they know regarding the effects of inflation on their taxes?
• Tim provides holistic advice for effective financial and tax planning, like utilizing advisors and implementing goals.
• Kelly and Tim speak on the value of taxpayers seeing professional specialists and personal wealth advisors who handle financial portfolios.
• When using a holistic approach to developing long-term plans, what kinds of documentation should taxpayers look at?
• What should taxpayers understand about charitable giving? With some people struggling with new economic burdens brought on by inflation, how can tax professionals help?
• How does charitable planning relate to retirement when people try to use their retirement funds or retirement planning to accomplish a charitable goal?
• Tim and Kelly discuss retirement changes, and Tim emphasizes the importance of starting a 401k plan early in life.
• Homes and life insurance are significant sources of income or wealth-building investments. What components of these should taxpayers consider during tax season?
• Tim provides his thoughts on whether the tax filing date should be changed.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Links mentioned:

Kelly’s Website: Taxgirl

Tim’s LinkedIn: Timothy P. Speiss