[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-302033-105":53,"doc-detail-302033-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","how-to-prepare-for-tax-season-happy-valley-financial-services","How to Prepare for Tax Season - Happy Valley Financial Services","","A guidance document for preparing during tax season, explaining where federal tax dollars are allocated and how 2022 tax filing may differ. It summarizes major federal spending categories including Medicare, defense and security activities, and Social Security, then outlines 2021 federal income tax brackets and how bracket thresholds affect wage earners. It also provides key IRS deadline dates for estimated tax payments, return filings, IRA contributions, extensions, and includes instructions on using an IRS withholding calculator.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/how-to-prepare-for-tax-season-happy-valley-financial-services/302033/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/how-to-prepare-for-tax-season-happy-valley-financial-services/302033.png","ImageObject",442,249,{"name":88,"@type":89},"Seraphina","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-23","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":73},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What are the main federal spending areas discussed in the guide?","Question",{"text":108,"@type":109},"The guide highlights Medicare, defense and security-related international activities, and Social Security as the major spending areas that make up most of the budget.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Which income tax rates and bracket categories are listed?",{"text":113,"@type":109},"The document lists seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%, along with corresponding income ranges for single filers and married filing jointly.",{"name":115,"@type":106,"acceptedAnswer":116},"What key deadlines does the guide provide for the 2022 tax timeline?",{"text":117,"@type":109},"It lists January 15, 2022 for certain quarterly estimated taxes, April 15, 2022 for first-quarter estimated taxes, filing returns, IRA contributions, and extension requests, plus later estimated payment dates and an October 15 deadline for extended returns.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},302033,1790199399,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":76},962075114101,"https://ap-avatar.wpscdn.com/avatar/e000253a75eb197efd?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780044092746381165","How to Prepare for Tax Season  \nHappy Valley Financial Services  \nUnderstand Where Your Federal Tax Dollars Go  \nIn this guide, we will explore where your tax dollars go, some of the ways tax filing may look different in 2022, and what you can do to prepare. Keep in mind, this guide is for informational purposes only and isnot a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your strategy.  \nBefore we dive into the upcoming tax brackets and what you can do to prepare for 2022,  \nit can be helpful to understand precisely where the government allocates your federal tax dollars.  \nIn 2021, the federal government spent $6.82 trillion, which equals 30% of the nation’s gross domestic product. Further examination reveals that three significant areas of spending make up the majority of the budget.1  \nMedicare  \nMedicare accounted for $696.5 billion, or 10% of the budget, in 2021.1  \nDefense Spending  \nAnother $754.8 billion, or 11% of the budget, was paid for defense and security-related international activities. The bulk of the spending in this category reflects the underlying costs of the Defense Department. This includes the cost of multiple defense initiatives and related activities,  \ndescribed as Overseas Contingency Operations in the budget.1  \nSocial Security  \nSeventeen percent of the budget, or $1.1 trillion, was paid for Social Security, which provided monthly retirement benefits averaging $1,497 to 46 million retired workers. Social Security also provided benefits to 3 million spouses and children of retired workers, 6 million surviving children and spouses of deceased workers, and 10 million disabled workers and their eligible dependents. 1,2  \nThe Tax Brackets  \nThe tax brackets are: 10%, 12%, 22%, 24%, 32%, 35%, and 37% . Here are the tax brackets and the corresponding income ranges.3  \n\n| 2021 | Tax Rate | Single | Married Filing Jointly |\n| --- | --- | --- | --- |\n| 10% |  | $0 to $9,950 | $0 to $19,900 |\n| 12% |  | $9,951 to $40,525 | $19,901 to $81,050 |\n| 22% |  | $40,526 to $86,375 | $81,051 to $172,750 |\n| 24% |  | $86,376 to $164,925 | $172,751 to $329,850 |\n| 32% |  | $164,926 to $209,425 | $329, 851 to $418,850 |\n| 35% |  | $209,426 to $523,600 | $418,851 to $628,300 |\n| 37% |  | $523,601+ | $628,301+ |\n\nThese modest changes to the tax brackets also mean that wage earners may fall into lower brackets. Here is one example. A single filer at $86,000 in taxable income would fall into the 24% bracket for tax year 2020. The filer would be in the 22% tax bracket in 2021.  \nThese new rates are scheduled to expire in 2025 unless Congress acts to make them permanent. Exemptions also changed under the new tax code.  \nHere is an overview of the standard deductions since 2019:4  \nIMPORTANT DEADLINES*  \nJANUARY 15, 2022  \nIf you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated  \ntaxes, postmark this payment by January 15, 2022.  \nAPRIL 15, 2022  \nFIRST QUARTER 2022 ESTIMATED TAX PAYMENT DUE  \n2021 INDIVIDUAL TAX RETURNS DUE  \nMost taxpayers have until April 15 to file tax returns. Email or postmark your returns by midnight on this  \ndate.  \nLAST DAY TO MAKE A 2021 IRA CONTRIBUTION  \nIf you have not already contributed fully to your retirement account for 2021, April 15 is your last chance to  \nfund a traditional IRA or a Roth IRA.  \nINDIVIDUAL TAX RETURN EXTENSION FORM DUE  \nIf you cannot file your taxes on time, file your request for an extension by April 15 to push your deadline  \nback to October 15, 2022.  \nJUNE 15, 2022  \nSECOND QUARTER 2022 ESTIMATED TAX PAYMENT DUE  \nSEPTEMBER 15, 2022  \nTHIRD QUARTER 2022 ESTIMATED TAX PAYMENT DUE  \nOCTOBER 15, 2022  \nEXTENDED INDIVIDUAL TAX RETURNS DUE  \nIf you received an extension, you have until October 15 to file your 2021 tax return.  \n*The IRS has the authority to adjust federal tax deadlines on short notice based on its assessment of financial or econom","cbCaiu5mkXsnHgJR","https://ap.wps.com/l/cbCaiu5mkXsnHgJR","pdf",625287,9,"English","# How to Prepare for Tax Season\n## Where Federal Tax Dollars Go\n## The Tax Brackets\n## Important Deadlines\n## How to Prepare\n## What Do You Need to Have to Use the Calculator?","[{\"question\":\"What are the main federal spending areas discussed in the guide?\",\"answer\":\"The guide highlights Medicare, defense and security-related international activities, and Social Security as the major spending areas that make up most of the budget.\"},{\"question\":\"Which income tax rates and bracket categories are listed?\",\"answer\":\"The document lists seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%, along with corresponding income ranges for single filers and married filing jointly.\"},{\"question\":\"What key deadlines does the guide provide for the 2022 tax timeline?\",\"answer\":\"It lists January 15, 2022 for certain quarterly estimated taxes, April 15, 2022 for first-quarter estimated taxes, filing returns, IRA contributions, and extension requests, plus later estimated payment dates and an October 15 deadline for extended returns.\"}]","How to Prepare for Tax Season - Happy Valley Financial Services | PDF",1789788417]