Ed Slott
speaker
299 appearances
3 recordings
1 series
first heard Jan 2018
last heard Apr 2022
Ed Slott’s voice in public audio — every appearance, attributed to the second.
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Appearances
That was only through 2021.
Another break you won't see for people that give a lot of money to charity, and they used to be able to deduct 100% of their cash gifts, 100% of their adjusted gross income.
That was a break they gave people.
That ends in 2021.
Now it's back to the 60%.
So a little trimming around the edges that you might not have seen.
Well, they go up a little for the cost of living.
Each year they go up, so they give you a little break for the inflation adjustments, so to speak, cost of living adjustments.
And you do get a break if you turn, for example, age 65.
You get an extra standard deduction.
So that's what I meant before with changes in your lifestyle can bring you new benefits.
Let's say you turn 65 this year and you take a standard deduction.
You'll see an increase next year because you're 65 or over.
Well, unless you have a super large mortgage, you're probably not going to get over the threshold that you already get by taking the standard deduction.
Most people just don't have that much mortgage interest to get over that hump.
So if you have a large mortgage and you get over that limit, you open up opportunities.
itemized deductions then you can throw in everything else the charity may be medical but all these things have their own little limitations as limitations on how much mortgage interest even medical is limited to seven and a half percent of your income so if your income even if you qualify for itemizing because you're higher than the standard deduction
you still, if you have an AGI, adjusted gross income, total income, let's say, of 100,000, the first 7,500 of medical doesn't even count.
So it's very tough to get into itemized deduction territory, given the fact that lots of people who invest and pay investment fees for a few years now, people are still in shock about this, those fees are no longer deductible.
Just like tax prep fees are no longer deductible.
Showing 21–40 of 299 · page 2 of 15
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