With a new year comes new guidelines from the IRS.Taxpayers could see new changes which will impact tax brackets, deductions, and retirement contribution limits.WXII spoke with the financial advisor, CEO, and founder of Alloy Wealth Management for a breakdown.The biggest and crucial change to many planning their retirement is the Social Security increase to 8.9%.This is the largest Cost of Living Adjustment or COLA in 40 years.If you currently claim Social Security benefits, you will begin seeing a significant increase in your next paycheck. Remember, you must be 62 years old to start claiming Social Security.Henry says if you are currently eligible for these benefits but are not sure when to begin cashing in, you'll want to speak to a trusted financial advisor as your situation may vary.If you are working and are eligible, he says you might want to delay taking Social Security benefits as making more than a certain dollar amount may put you in a different tax bracket resulting in having to pay the benefit funds back.If you are married, Henry also says to consider the age difference between you and your spouse before deciding to start claiming Social Security benefits. "My wife is 10 years younger than me and didn’t pay as much into the system because she was taking care of our kids during her working years," Henry said. "So I plan to delay taking Social Security until I’m 70 so she can receive the highest amount possible for the rest of her life, especially if she outlives me, which she most likely will.In terms of 401(k), the catch-up contribution limit has increased by $1,000 to a new amount of $7,500.If you are 50 or older, Henry suggests considering taking advantage of this increase and putting more funds into pre-tax savings.The current contribution limit for an IRA is not indexed to inflation so this will not change.A Roth IRA or another after-tax account can be beneficial in retrieving more in the future. When using a Roth IRA, taxpayers won't receive the tax credit when investing but won't pay taxes on the funds once they retire. The revenue service has increased the following standard deductions:Married couples filing jointly: $27,700, a $1,800 increaseSingle taxpayers and married filing separately: $13,850, a $900 increaseThe maximum Earned Income Tax Credit has received a $495 increase bringing the amount to $7,430 for qualifying taxpayers who have three or more qualifying children.It is also important to remember to always have cash on hand and that any debt that has not been dealt with is cleared.“Make sure you’re not putting a whole bunch of 401 while you’re over here in your left-hand pocket paying a high-interest credit card debt," Henry said, "Interest rates are much higher than they used to be. Get rid of your debt; that’s the best thing to do first.”Finally, you want to make sure you have tax diversity and always have cash on hand. This could be a Roth, IRA, brokerage, and/or emergency fund. While it may not be as much as you want due to inflation, the more you save will help you later down the line.